Doji on PIP may start the reversal, need confirmation (weekly chart)

Based on our weekly chart we could see PIP showing some bullish sentiment after the big drop last week. This time we saw a Doji candlestick. Although not a strong reversal pattern, this shows that the downward energy is dissipating. But we need to see a large green candlestick at the end of the week so reversal will be confirmed. The large green candlestick will also mean that we will not be walking on the lower band of Bollinger Band which should break the bearish sentiment.

Support line 50% Fibonacci Retracement level may be touched as some traders may still sell to cut losses but I think this is a strong support as we also have our 100-day SMA line to catch the price.

Caveat!

3 Responses to Doji on PIP may start the reversal, need confirmation (weekly chart)

  1. Jai Ho says:

    bounce PIPs!!! 😉

  2. Jai Ho says:

    Cracker Oats hahahahahah…hala sugdi…

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