Rising Wedge on MCP?

Weekly: On weekly chart we are looking at a weak bullish signal from Tenkan Sen / Kijun Sen cross. This is weak since it happened below the Kumo or Cloud. In addition, Chikou Span is not confirming the bullishness of this stock as of now. A retrace may happen but as long as the weak bullish signal will not be wiped out, this may slowly climb.

Daily: We drawn parallel lines showing a channel last time but further price movement of MCP showed a Rising Wedge formation instead. Looks like we have our higher high in the making which will signal a retrace? Incidentally, we also have a bearish reversal pattern based on candlesticks. This pattern is what we called a Harami. This pattern shows that the bulls have lost control and is tired after successive rallies. If this will be confirmed then price of MCP may fall and touch the support line. When that time comes, it would be interesting to see if price will bounce or continue to fall following the rising wedge nature which is bearish

Based on Ichimoku, green signals are still intact but protecting profit will be a good move. RSI or Relative Strength Index is near 70


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