Molycorp has been on the market for less than a year but since a 55 day moving average was established it has provided support for this stock (yellow line). Using the 55 day moving average and Fib Retracement as an indication of future price movement, if MCP is able to clear the 61.8% retracement and close at above it I believe it will move to $55 and possibly test all time highs. Ideally, I'd like to see it close at $51.00. Furthermore, if MCP closes at this level it will also have a bullish engulfing pattern in addition to a Candlestick "hammer," a key reversal pattern (occurred on 2/23).
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