MBT breaking Fibonacci Retracement level

MBT crossed one Fibonacci Retracement level last Friday moving upward from the lower slop now it is midway to the upper slope. Ichimoku system is showing bullish sentiment as price hover above the Kumo or Cloud. Will it hit 96 soon or it will move sideways for a while since RSI is already at the overbought level? In a one-year time frame we have seen MBT to reach level 80 for RSI before correction.

Caveat!

 

Indicators based on Ichimoku system

Weekly Chart Oct 21 – 25, 2013

Price location relative to Kumo (Bullish)
Tenkan Sen/Kejun Sen Cross (Weak Bearish)
Kijun Sen Cross (Weak Bearish)
Chikou Span Cross (Bearish)

Daily Chart 21-Oct

Price location relative to Kumo (Bullish)
Tenkan Sen/Kejun Sen Cross (Weak Bullish)
Kijun Sen Cross (Weak Bullish)
Chikou Span Cross (Bullish)

Leave a Reply