Dark Cloud Cover on weekly chart

The last two candlesticks on DD’s weekly chart is showing a bearish sentiment via the Dark Cloud Cover. The last candlestick is telling us that the bulls power is diminishing and a possible correction is incoming. The confirmation level is defined as the last close. Prices should cross below this level for confirmation.

Since we don’t have a complete Ichimoku elements for the weekly chart, by looking at the daily chart, there is a threat to the 7.55 level where the Kijun Sen line is moving horizontally. If price will break the 23.6% Fibonacci Retracement level then we might see move closer to Kijun Sen line. Right now our strong support is the 23.6% Fibonacci Retracement 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.

One Response to Dark Cloud Cover on weekly chart

  1. […] If in case the support will not hold then DD will move down and find the next support near 7.69 but if price will break from the resistance slope then we will see DD hitting another new all time high. On our weekly chart, it is waiting for DD to confirm the Dark Cloud Cover […]

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