MCP continue to drop after Bearish Meeting Line

The Bearish Meeting Line on MCP turned out to be a strong signal for reversal. Pulling out our chart last October 13 where we put our support slope, its clear that MCP is now on the mercy of this line. Will it bounce from here? Holders’ confidence on this stock will now be tested due to the fact that not only it broke the Fibonacci Retracement level but Tenkan Sen is about to cross the Kijun Sen from above. This will then give us a weak bearish signal if that will happen. It is very important to see what candlestick will show up tomorrow.

RSI or Relative Strength Index is continued to drop from 70 down to 46. Last time it bounce was when it dropped from 70 to 39.

Caveat!

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