Mettler Toledo Update

Mettler Toledo Daily Chart.Mettler Toledo Daily Chart.

Mettler-Toledo (NYSE:MTD) has been trading in a narrow consolidation pattern since its powerful post-earnings ramp back on Nov. 6. Support near the huge breakout gap left behind after the 11/6 open has been very solid. The $1110.00 area has held the last two weekly lows with the help of a very supportive 50-day moving average. We believe shares of MTD are setting up well for a fresh rally leg.

More: MTD has worked off an extremely overbought MACD reading without giving up much ground. A key hurdle in the near term is the $1152.00 area (last week’s high). On the downside, a close back below $1100.00 would violate the December lows, indicating more post-earnings consolidation is ahead before shares are prepped for a rally.

Note: We hold no position.

You can ready Gary S. Morrow's original post here.

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