ALI’s support broken. Bearish signals seen

ALI broke down from the support slope last Friday showing the weak side of the bulls. Although Tenkan Sen is still hovering above Kijun Sen and price is still above the Kumo which means bullish sentiment, the Chikou Span which is the arbiter, at this time suggest a bearish sentiment. Check that the current price is lower than the price at Chikou Span.

Another bearish signal is the Kijun Sen Cross where price break down from the Kijun Sen (red line). This is interpreted as Weak Bearish Signal. Weak because the cross happened when price is above the Kumo or Cloud.

For those who were able to get ALI at the bottom maybe you should protect your profit at this time. RSI or Relative Strength Index has gone down significantly from the top but may continue to fall.

Caveat!

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