MWC approaching support slope

Last time we saw how MWC touch the resistance slope and waited for it to correct and touch the support slope (MWC still moving inside the upward channel. May touch support soon). Now it is approaching the support slope as seen on our daily chart. This is now the time we will monitor for a possible touch and bounce. What we are going to wait is a bullish candlestick pattern that will appear near the support level. We may test buy somewhere between 25.50 – 25.38 and see from there. Ichimoku elements are still in a bullish setup.

RSI or Relative Strength Index is currently at 49 and is still pointing down.

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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