Usually traders buy at the breakout of the 3rd trend line... you can check the net about the fan line principle. Baka kaya biglang taas nito last week with high volume daming nagbilihan at the breakout? what do you think? Anyway, let's have a review of MPI's chart...
MPI moved up breaking the 3rd trend line of the fan principle... This is a good signal for us na meron nito right? We also see positive momentum and strong trend... Check the resistances in red... For now, I hope it breaks out from the resistance of the double top converting that into a support. Honestly, I don't have a target price here yet. I just let if flow as long as I see the up trend intact and indicators saying that this is still okay I'll hold... Try ko mag long term dito since I got in before the breakout of the 3rd trend line.
Check out my previous post of MPI... Stochastic on the weekly chart already overbought... Let's see how it will behave considering it is on the overbought area - http://coffeechart.blogspot.com/2011/12/mpi-metro-pacific-investments-corp.html
Disclaimer: This is my personal technical analysis on this stock. It is not my intention to give a buy or sell advise. Trade at your own risk.
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