CPG breaking the Kumo

CPG broke from the Kumo or cloud today which is a bearish signal from Ichimoku system. The bottom of the cloud will now be our immedate resistance following the break. Although we have seen an action before at this level (1.50), some traders may protect the price from moving far downward. The Kijun Sen line which normally will attract price to come near its line is moving downward which suggests that price will continue to move down.

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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