EMP broke support line. Weak bearish signal via Tenkan Sen / Kijun Sen Cross

EMP fell by 1.7% today breaking the support at 11.68 or 23.6% Fibonacci Retracement level. It also broke the upward channel we draw last time when we saw the Hammer on EMP. In case there will be no bullish formation tomorrow then EMP may go down to 11.18 per share which is our next support unless it will delay the drop and Senkou Span B will protect the price. We also have a weak bearish signal via Tenkan Sen / Kijun Sen Cross.

RSI or Relative Strength Index has dropped to 37.

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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