Kumo Break on MCP

MCP went up by 2.6% today and breaking the Kumo or Cloud at the closing. This is considered a bullish signal in addition to other bullish signals we saw last week. Next resistance will be the 61.8% Fibonacci Retracement level or around 13.53 per share but we may also encounter some headwinds as some traders may sell their shares. Notice that the RSI or Relative Strength Index is already in overbought level. Remember that on our weekly chart, we saw a bounce from the Kumo.

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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