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

Caveat!

The following two tabs change content below.

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.

One Response to Is the Bullish Harami enough to scare the bears on MCP?

  1. […] Retracement level has so far been able to support the price not to close below it. So far the Bullish Harami we saw last June 24 was able to maintain its bullishness. Price may continue to move upward as long as the current […]

Leave a Reply

}