Bullish Piercing Line on weekly chart?

Weekly: A bullish signal emerges after the week’s price movement. We are currently looking at a Bullish Piercing Line (although closing is a bit short). This pattern suggests that bulls are able to stop the bears from pulling further down. The Neutral Bullish Signal brought by Tenkan Sen / Kijun Sen cross few weeks ago is still intact. We are just waiting for additional bullish signal that may happen soon. We have also observed that the price movement may develop a Symmetrical Triangle but it is still a bit too early to tell at this time. But is something to look forward to.

Daily: The daily chart is still not showing bullish signal based on Ichimoku system. But what we notice is that the Kijun Sen line is now moving in a horizontal line. This line most of the time attracts price to come near to it. Let’s monitor this development this week.

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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