ALI could reach 127% Fibonacci Retracement level

Last time we look at ALI, it was having a hard time breaking the 61.8% Fibonacci Retracement level but after few weeks it broke the resistance and is currently trying to break another one, this is the 76.8% Fibonacci Retracement level or 32.98 that is currently acting as resistance. So far Ichimoku elements are in bullish setup and if price will continue to move up it may reach the 39 level.

On the negative side, we have a threat from the flat Kumo which may drag the price to as deep as 29 if a retrace will happen. But I think 30.85 will be a strong support.

RSI or Relative Strength Index is at 65

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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