Bullish Harami on RLC

Another stock that is showing Bullish Harami is RLC. Based on our chart this stock has been dropping for a few days now but today we see bulls are trying to fight back thus we see a green candlestick completely engulfed by the previous large red candlestick. We also notice that we have a support at 78.6% Fibonacci Retracement level. But I think the bulls need more power to continue to go up since the Kumo is not that far and this may pose as a strong resistance zone.

RSI or Relative Strength Index is telling us that it is already oversold. Will the health of RSI bring power for the bulls to move upward?

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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