After the recent reversal from a Bullish Bat harmonic pattern, MPI hit the second key retracement target around 6.62 (61.8%). This is a potential profit taking area for those trading the harmonic pattern.
On the other hand, MPI is also on a potential breakout from a Bull Flag pattern with a projected target price around 7.00~7.15 area.
See previous analysis of the Bullish Bat harmonic pattern here:
Trading Plan
- If previously trading the Bullish Bat harmonic pattern reversal, take some profit or scale down position. Profit run the rest of the position with a trailing-stop.
- Buy the Flag pattern breakout with appropriate stop-loss in case it doesn't pan out as expected.
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