Trader's Logbook

MPI closed with few flucs down from previous price creating a hammer at the bottom. MPI went deep into the support zone during the day but was able to recover at the closing. The support looks very strong as of the moment and as we see a Hammer, this suggests it might reverse from the short term trend. A gap up at the opening or a close above today’s price should trigger the bulls to rally again.

23.6% Fibonacci Retracement level rests within the support zone on a 6-month time frame.

Caveat!