MBT traders on hesitation

MBT was in an indecisive mood last Thursday. Then on Friday we saw that traders wants to price to go up although we’ve seen some hesitation after it retraces from as high as 113.50. It closed at 111.00 per share.

Based on our daily chart, MBT escaped from the bearish territory just like PLDT with support line at 61.8% Fibonacci Retracement level. Our immediate resistance as of this time is at 50% Fibonacci Retracement level and 20-day SMA may also help resist price in going up. Let’s see if the last candlestick that is not a confirmation from the bearish Doji will be a false one or not.

Caveat!

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