Bulls on AP may bring the price back to its recent high

From the low of 31.75 to the high of 37.10, AP has retraced and bounced at 50% Fibonacci Retracement level. The candlestick formation yesterday provided us with the information that the bulls are in control. Today’s price movement has been a confirmation to that. Current resistance is at 35.84 while newly found support is at 35.06 If the resistance will be broken then we might see AP to hit 37.10 again and beyond.

Ichimoku system is telling us that AP is still in an upward trend with all elements in green light. RSI or Relative Strength Index is telling us that the stock is way below overbought level so this is also a good sign.

Caveat!

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