MPI trying to break the Kumo

The resistance created by the Kumo or Cloud is quite strong for MPI to break. Second day for MPI to retrace as it hit the cloud. Is MPI still bullish in short term? Based on Ichimoku system it is has the bullish signals like the weak bullish from Tenkan Sen / Kijun Sen Cross and weak bullish signal from Chikou Span. Notice also that the last rally of MPI brought the RSI or Relative Strength Index to overbought level and now is retracking. Price may continue to try to break the Kumo in few days but one should be watchful with our bullish signals which might turn to bearish one.

Caveat!

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