MPI touching 127.2% Fibonacci Retracement level

MPI touched the 127.2% Fibonacci Retracement level today with a good volume of unserved bids. Will it finally show some bullish bias soon? As of now Ichimoku elements are still telling us that MPI is in bearish mood but a cross from Kijun Sen may happen soon which will give some green light.

On weekly chart, there is an interesting development at 4.87 but that is quite high. Let us focus for now on breaking our immediate resistance. I think it is not yet too late to join the club.

RSI or Relative Strength Index is still healthy at less than 50.

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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