MBT not in a good shape. Waiting for a bullish candlestick at support level for bounce

MBT fell by 9.1% last week wiping away the gains it brought few weeks ago. Based on weekly chart, we could see that MBT is still in a downward trend. All elements of Ichimoku system is in pointing down. Notice also that the Kijun Sen line which was moving horizontally is now bending down. This means that the Kijun Sen line and price attraction will not anymore happen.

Although we see a possible development of Rectangle formation, this is still very early. What we need to monitor is a bullish candlestick that will be formed on Monday for a possible bounce on succeeding days. It would be good to test buy at near 69 but take extra care because if support will not hold then it may drop to 58 – 60 level.

Caveat!

One Response to MBT not in a good shape. Waiting for a bullish candlestick at support level for bounce

  1. Tony Aguila says:

    the best!

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