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.
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