Did LTG hit the bottom last week?

LTG has dipped to 12.x level last week and it seems that it has hit the bottom that time. Last time we were skeptical that 12.x level will not be visited even if we saw a the widest distance of the Symmetrical Triangle to be 6. (LTG moving sideways within support. No green signal yet)

Looking at the chart today, it seems that LTG is poised to touch and break the 23.6% Fibonacci Retracement level which is our immediate resistance. This is around 16.20 Notice also that it is where Kijun Sen rests which shows that this level is of interest. If price will break from this level, we will have a weak bullish signal and if price will continue to rise, we might see Chikou Span to provide us with additional bullish signal. Although these possible scenarios are promising, don’t forget it has not happened yet. Be careful when trading this stock. Test buy for a few shares but don’t go all in. Add few more shares when go signals appear.

RSI or Relative Strength Index shows that it is still away from the 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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