MedClean Technologies Inc. (OTC:MCLN) has been trapped in a steady down trend ever since it made a huge spike in February this year. The downtrend got even more emphasized in the last three moths when a clear resistance and support were outlined on the chart.
For about a week now, MCLN has been going sideways, which may hint that the stock may be entering a new phase. However, at this stage it is still early to state an accumulation stage is at hand.
In this short-term period, MCLN has been oscillating between $0.0025 and $0.003. This range provides a 20% for those who exploit ranges. So now, the speculators are probably estimating the chances for the range to continue.
Yesterday, MCLN surged 15% to $0.003 on a volume of more than 9 million shares. Although, the trading activity was higher than the daily average, the dollar volume was below $30 thousand. The short volume was 2 million shares according to FINRA, which is 20% of the total volume. [BANNER]
On the whole, the company hasn’t issued any news or filed any reports lately, so investors will have to rely mostly on technical signals for guidance. In this regard, the MACD indicators seems to be at the threshold of a bullish cross. A bullish cross has also formed in the short-therm moving averages.
However, despite the positive technical signals, it must be taken into account that there are no recent events at MCLN to support an upturn. Neither is there significant dollar volume turnover to attract more investors. In light of this, one should be careful when devising a trading strategy with MCLN stock.
