DNL at the support level

DNL is now at the support provided by the slope and the Kumo. Will it bounce from here? Based on Ichimoku system, DNL is still bullish as Tenkan Sen is still moving above Kijun Sen. In addition, current price is above the price corresponding Chikou Span. Lastly, price is still above the Kumo or cloud. Untill we will not see any reversal indicator, DNL will continue to follow the current trend. Just keep a watchful eyes.

RSI or Relative Strength Index is now below 50 from a high of 70. Is it loose enough?

Caveat!

 

Indicators based on Ichimoku system

Weekly Chart Oct 21 – 25, 2013

Price location relative to Kumo (Bullish)
Tenkan Sen/Kejun Sen Cross (Weak Bearish)
Kijun Sen Cross (Weak Bearish)
Chikou Span Cross (Bearish)

Daily Chart 21-Oct

Price location relative to Kumo (Bullish)
Tenkan Sen/Kejun Sen Cross (Weak Bullish)
Kijun Sen Cross (Weak Bearish)
Chikou Span Cross (Bullish)

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