Meiban: On Uptrend but may pull back

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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