MPI
- As mentioned last time, momentum upward is weakening... I'm short term bearish on this as it might correct and move down to some support lines.
- Forming a Bullish Gartley from 12/13/2011 to present. Potential reversal zone is at 3.52
- Price is now testing the 20MA support as well as RSI support line. A breakdown below that will test its previous low at 3.54
- Let's see what will happen today. Might move down or bounce from here.
- I might unload some if it continues to move down. I just want to secure my profit.
EDC
- From the bullish engulfing pattern seen last 12/29/2011, price closed higher but when it went up again to test the resistance at 6.40, price was not able do a breakout. Bearish Divergence was also spotted as RSI did not confirm that upward momentum.
- I might unload some also if it will not break 6.40 resistance. Secure some profit.
God Bless!
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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