Dark Cloud Cover on GERI

After the profitable rally by GERI, the bears may take control. Today it fell by 4.1% and forming a Dark Cloud Cover. This candlestick formation is telling us that the bears are starting to take hold of the battlefield. If this will be confirmed then we might see this stock to fall and seek support at 1.78 per share but has the tendency to fall lower and meet the Kijun Sen line at 1.67 which also corresponds to the 50% Fibonacci Retracement level.

RSI or Relative Strength Index has lowered a little but is still above overbought level.

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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