MPI continue to move down. Is it near the bottom?

MPI has been going down and is near the lower slope from the time we saw some bearish signal last Feb 20 (MPI: Traders in equilibrium, Doji candlestick at the top of the trend). What we are going to do now is to monitor MPI closely once it hit the lower slope. A bullish candlestick formation near the line could be an indication that it has already bottomed out.

RSI or Relative Strength Index is currently pointing down from 42. Few more notches down and we will reach oversold level.

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.

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