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!

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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.

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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