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!

Leave a Reply