Meiban: On Uptrend but may pull back

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Base on current chart pattern, Meiban is On Uptrend as the stock price moves above 20D, 50D and 200D MA. However, Meiban is closing to the immediate resistance at $0.35 and may pull back to the uptrend channel support at about $0.31, which is also a 78.6% Fibonacci Retracement Support.

In view of the Upside Potential vs Downside Risk, a safer entry price is at $0.31 which is near the uptrend support. Breaking below this 78.6% FR support indicates the uptrend is over.

Note: Meiban is also forming an Ascending Triangle. 

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