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!

Leave a Reply