MWC still moving inside the upward channel. May touch support soon

After MWC move up and hit the resistance slope, it might move down to hit support slope as it continue to move inside an upward channel. Today it fell by 3.3% and may continue to move down due to the magnetic force of Kijun Sen line that is moving horizontally at 25.57 The RSI or Relative Strength Index has loosen up a bit as the price selling pressure was felt today. From 80+, RSI is now at 63.

It would be better to wait near the support slope and see if we will have a bullish pattern on that area before getting in.

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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