ALI supported by Tenkan Sen line

ALI is currently supported by the Tenkan Sen line and if you notice this is the 3rd time this line act as a support. Will it be successful again in preventing the price from moving down or it will fail this time?

The stock is not yet overbought so I think it is still easy to push the price up but in case the bears will be successful then our next support is at 28.53 per share. If we will arrive there, we might fall further at 50% Fibonacci Retracement level. It is because the Kijun Sen is moving horizontally at this level. We have seen a couple of times how Kijun Sen attract the price from going near this line.

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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