MBT on resistance level

Weekly chart of MBT is telling us that it is currently at a resistance level and may continue to experience headwinds. Last Friday we saw how the bears were able to get back to their feet, taking away the gains on the previous day. Although Kijun Sen has provided support for the price, we need strong bull power to break the resistance. A strong red candlestick this week that will cross the Kijun Sen downwards will give us a signal of a pull back to the lower slope. It is going to hit 60 few weeks from now?

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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