Bounce for LTG or just a fake?

LTG continue to move up today and close above the 38.2% Fibonacci Retracement level. So far it is showing a bounce from the support slope. But will it be able to sustain its rise?

For now, all Ichimoku elements are in red. What we need to watch is the newly found support. If it will hold the price from going down then we will see Chikou Span to register a green light. That might be enough for a spike to reach 18.14 per share but if the support will be broken then LTG may still need to touch 50% Fibonacci Retracement level.

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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