EDC may correct until it hits Kijun Sen line

From the low of 4.25 last November 2013 EDC has rallied to 5.3 After that it retraced to 50% Fibonacci Retracement level. This could be repeated this time after EDC reached the 5.75 mark it may retrace to around 5.25 which is also where our Kijun Sen line is moving horizontally. Remember that when this line is moving like this, it has the power to attrace price to move closer to it. For those who wants to get some EDC shares, wait for that level and see if we will have a good candlestick formation for possible bounce.

Currently all Ichimoku elements is saying that EDC is bullish so this correction is very much welcomed.

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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