The falling wedge on weekly chart is becoming narrower and anytime soon price may break from the resistance line going upward with possible initial target at 4.875 where the Kijun Sen line is moving horizontally. Looking at the longer term, MPI may surpass its 52-week hight of 6.33 and challenge the 7.0 level but of course it wont go up in a straight line but as long as the indicators are intact, price will continue to rise to hit the target. With RSI or Relative Strength Index on weekly chart still low, there is a lot of room for the buying spree to happen. Caveat! traderslogbook/after-the-fall-mpi-may-move-up-to-new-high/
Posted on: Sun, 26 Jan 2014 11:19:57 +0000
Trending Topics
Recently Viewed Topics
© 2015