Is the Bullish Harami enough to scare the bears on MCP?
MCP is showing a green candlestick today. Is this enough to scare off the bears or they are just resting for now. Price almost touch the 161.8% Fibonacci Retracement level before it manage to close above yesterday’s close creating a bullish Harami candlestick pattern. Since this is a weak reversal pattern, we need to see a confirmation via a gap up or a large green candlesticks. Preferrably closing above 11.51 which is our current resistance.
RSI or Relative Strength Index is telling us that MCP is already oversold at 23.6
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