It appears that the stock has broken out of its uptrend channel the last week and it is now trading within the gap down that was formed on September 25 last year. It also looks like it's about to test a major resistance at 3.80, with a higher possibility of breaking it as the volume accompanying with the trade last week is relatively high. The MACD crossing above the zero line and the
10-week moving average crossing 50-week moving average also confirms of the further ascend. OBV reading also suggests that the price movement is normal(bullish) as it fluctuates together with the price movement.
Six-month daily chart analysis
Price movement accelerated further after breaking out of its downtrend, confirmed by the crossing-over of the 10 and 20-day moving average over the 200-day moving average which was accompanied by high volume. DMI reading also suggests that the current uptrend is very strong. However, the weakening of the ROC should be a concern as it might be a warning of weakness in the short term.
Major resistances are at 3.80(short term) and 4.70(long-term).
Major support is at 3.62(short term).
Ideally, the stock should reach 3.86 before making a correction and heads back at 3.62.
*UPDATE
Two-Year weekly chart analysis
Broke the resistance at 3.75. Expect to retest 3.75 before moving up again.
Is MPI a buy or sell?
Caveat.
