MWC continue to move inside the upward channel

While other stocks such as MPI, TEL and TA have broken their respective resistance slopes, is MWC going to do the same soon? MWC continue to move up today reaching the mid point of an upward channel. We don’t see any bearish pattern from our candlestick as of this time so it may continue to move up and hit the resistance slope soon. Will it be able to hit around 28? For those who were able to buy near the support (around 23), you may continue to hold but be on the lookout for bearish pattern especially if it will come near the resistance. All Ichimoku elements are still in green with no threat from Kijun Sen line.

RSI or Relative Strength Index is currently at 78.


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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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