MBT got help from Kijun Sen line

MBT fell after it hit the resistance near 38.2% Fibonacci Retracement level but as it is speculated to find support at next fibonacci retracement level, it got help from the Kijun Sen line. Notice that for 3 days the price was strongly suppport by this line and then it move up.

Based on weekly chart, we are looking at possible rally to 90.40. As long as the Kijun Sen line will retain its movement, this can be achieved. Immediate resistance is still the 38.2% Fibonacci Retracement level

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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