Technical Summary: Since peaking in September 2016 the stock of Metro Performance Glass (MPG) have been on a downtrend. This is reflected on the daily 1 year chart above and on the 5 year chart to the right and is evidenced by a simple 50 day moving average that for the most part has been heading south. The chart has been characterised by signficant gaps in the stock price following fundamental updates from the company. Following its recent earnings update the stock gapped down and has continued to sell off in subsequent sessions. The recent gap down was after the stock had appeared to round off a bottom and had a failed breakout attempt. We would argue that the breakout failed because it was not accompanied by increased volumes, suggesting that the move did not have “legs”. The recent gap down however has been accompanied by increased volume. From a technical perspective there is no reason to initiate a position at this juncture unless you were bottom picking and felt that the stock had reached its final destination on a value basis.