Doji on RWM’s weekly chart

After the 10.2% drop of RWM two weeks ago it is showing some light as the bulls were able to stop the bears from doing more damage. Last week’s price movement resulted in a Doji candlestick. This candlestick suggests that the power of the bears is diminishing and a reversal is possible but since it is not a strong reversal pattern we need to see a confirmation via a large green candlestick of a gap up.

RSI or Relative Strength Index is now currently at 27.5

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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