ALI hits 26. What’s next?

ALI has finally touched the Kijun Sen line but don’t be too relax as we might encounter some headwinds. First, Kijun Sen line can act as a resistance plus we are also seeing right now that price is at 61.8% Fibonacci Retracement level which may add as a wall. If tomorrow we will see a bearish candlestick formation for ALI then this will retrace and may hit our lower slope (see yellow line) finding support.

If you look at our weekly chart, we have a potential spike up to 27.3 level which will also correspond to our 50% Fibonacci Retracement level on daily chart.

RSI or or Relative Strength Index is still at 57% but we have witnessed few trading weeks ago that ALI has the tendency to retrace once it hits this level.

Caveat!

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