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!

Leave a Reply