Bearish One Black Crow on DAVIN

Retrace happened today with Bearish One Black Crow. Notice how the newly found support is helping DAVIN not to close below it. What happened today is testing the newly found support that we mentioned yesterday. What we need to see now is the confirmation of this bearish candlestick signal. If support will continue to hold then it will bounce from here, otherwise it will totally close the gap and the next support will be tested which is aroung 38.2% Fibonacci Retracement level.

The downward movement of RSI or Relative Strength Index shows that the bears are in control while Ichimoku elements are still in bullish position.

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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