MPI open @3.46, high @3.47, low @3.33 and close @ 3.46, a Dragon Fly Doji.
Dragonfly Doji is created when the open, high, and close are the same or about the same price (Where the open, high, and close are exactly the same price is quite rare). The most important part of the Dragonfly Doji is the long lower shadow.
The long lower shadow implies that the market tested to find where demand was located and found it. Bears were able to press prices downward, but an area of support was found at the low of the day and buying pressure was able to push prices back up to the opening price. Thus, the bearish advance downward was entirely rejected by the bulls.
In the chart above of MPI, the market began the day testing to find where demand would enter the market. MPI eventually found support at P3.33, so much support and subsequent buying pressure, that prices were able to close the day approximately where they started the day.
Based on the chart did we see a reversal from downtrend to uptrend? Lets find our tomorrow.
Support : 3.30, Initial target price of 3.60 then 3.80.
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