MPI may climb to 5th floor soon?

The Kijun Sen line provided a support to hold the price from falling down and currently MPI is sitting above the 23.6% Fibonacci Retracement level which was our immediate support last week. This time it is now our newly found support. The question is, will it hold? Although last time it close above this line it wasn’t able to sustain, this time might be different because last time it was the Kijun Sen resisting the price from moving up while this time Kijun Sen act as our support.

The flat Kumo or Cloud may attract the price, if that happens then MPI may go to the 5th floor. Immediate resistance is at 4.93 Too much room for the buyers as the stock is not yet overbought based on RSI or Relative Strength Index

Caveat!

The following two tabs change content below.

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.

Leave a Reply

}