MWIDE registered a weak bullish signal via Kijun Sen cross

MWIDE registered a weak bullish signal last week after it crossed the Kijun Sen line. Other Ichimoku elements like the Chikou Span and Tenkan Sen may also register bullish signals if price will continue to rise and break the immediate resistance at 23.6% Fibonacci Retracement level. The Kijun Sen that was pierced this week is now our immediate support. If you will test buy now, make sure to monitor the price not to go back below this line since that will tell us that the newly found support is weak. A second tranche of buy may be done after the breakout of the resistance. As of now the stock is not yet overbought so there is room for buyers before it will correct.

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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