Bears trying to close the gap

Yesterday’s Dark Cloud Cover has scared the bulls away as the price continue to move downward. The 23.6% Fibonacci Retracement level that acted as a support yesterday turned out to be weak as the price easily broke it during the opening. A threat to drop further can also be seen while Kijun Sen line is moving horizontally at 50% Fibonacci Retracement level. Not to mention the gap that is waiting to be filled.

RSI or Relative Strength Index is at 73 and is still pointing down.

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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