Engulfing pattern on MBT

MBT is showing a bearish sentiment depicted by the Bearish Engulfing Pattern at the newly created support line made by the 61.8% Fibonacci Retracement level. This support was created just last Friday but it proved to be an easy target for the bears. We might see MBT retrace back to its lower slope.

Still, MBT is bullish in the short term based on Ichimoku system where signals such as Tenkan Sen moving above the Kijun Sen and price moving above the Kumo. These are bullish signals we need to monitor. If some of these signals will be off, then reversal may be at hand.

By the way Bearish Engulfing Pattern is a low reliability reversal pattern. We need a confirmation to be able to tell that bears are really winning.

Note also how the RSI has dropped from 70 to 59. For those who want to get MBT, lets just wait a little bit more.

Caveat!

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