Did MCP just bounce from the Kumo?

Looks like MCP has just bounced from the flat Kumo which attracted the price when it was moving at 14.x. This week MCP rose to 13.24 per share from around 12.x Is MCP ready to break the 61.8% Fibonacci Retracement level and hit near 15? The White Marubuzo candlestick we saw this week suggests that MCP is ready to go up. But just in case it will turn sour, we need to monitor the price not pierce down the Kumo or it will be bearish again.

RSI or Relative Strength Index is at 54.4 and is pointing upwards.

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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