Bullish One White Soldier on MCP

MCP has been falling since the time we saw it hit above 13.86. The bears have been successfull so far in driving the price down but today we saw some light. A possible bounce from current 78.6% Fibonacci Retracement level. Today’s formation is what we called a Bullish One White Soldier pattern which suggests that the downtrend has been damaged. If prices keep on rising on the following days, a trend reversal takes place.

Current support is at 12.45 per share while resistance is at 12.88 Last time we saw a pattern like this on MCP, it went up base of 11.90 to 14.46 per share. Are we going to have the same scenario?

RSI or Relative Strength Index is at 39.7, the same RSI level when we saw the previous pattern.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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