MCP to create an upward channel?

Looks like MCP has created a higher low last week and is poised to move upward to touch the resistance slope. If indeed it will create an upward channel then we might see MCP hit 12. But before that will happen, it needs to break the immediate resistance at 11.51 or 127.2% Fibonacci Retracement level. The Kijun Sen line that is moving horizontally at 12.31 may also help pull the price up. The gap above is still there waiting to be filled.

RSI or Relative Strength Index is currently at 34.9


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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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