Range trading MPI

MPI suddenly went up this afternoon with 2.89% advance from previous close. The Marubozu candlestick may mean a start of ascend of MPI but not something that will last long. As we can see on our chart, it seems that MPI is trading the range where current price comes from the bottom or support line and approaching the resistance line. Just like the last four tries, MPI may just retrace after hitting the resistance. So don’t expect too much.

Caveat!

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