Bearish threat wasn’t confirmed

The Gravestone Doji we saw on previous week was not confirmed this week as price went up by 2.1%. Price fell during the week to close the gap and then recover. This is a sign of bullishness. Currently our support is at 38.2% Fibonacci Retracement level or around 16.21. Our next resistance will be 16.86 where the Kijun Sen line is. In case price will be able to break it, our next resistance is 17.51 but what we are really looking at is the 18.06 because this is where the flat Kumo is. Will the Kumo be able to attract the price?

Ichimoku elements are not yet in a bullish setup so take extra care in dealing with SMPH.

RSI or Relative Strength Index is at 65.14

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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