MPI bounced from lower slope heading towards resistance level

After moving for a few days near the support slope, MPI went up today with 3.5% change from previous close. Looks like it is heading for the resistance slope. Are we going to see MPI hit near 4.90 per share soon? We have been monitoring this stock since the time we saw the Doji at the resistance level and waited for it to touch the support (Is MPI going to bounce at this time?). Looks like the waiting has paid off.

Current RSI or Relative Strength Index is now near the overbought level. Price may continue to move inside the channel but based on weekly chart where it broke from the Falling Wedge, there is still a good upside for MPI. Just ride the wave.

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.

One Response to MPI bounced from lower slope heading towards resistance level

  1. […] up by 2.7% to close at 4.90 per share. MPI has been moving within the channel for few weeks now (MPI bounced from lower slope heading towards resistance level) and so far didn’t upset us. Now that it is close to its resistance which is the upper slope […]

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