Engulfing pattern on ACR

ACR is showing some bullish sentiment via Engulfing Pattern. The 38.2% Fibonacci Retracement level is today’s support as price close above it. Another back up support is the Kijun Sen line which is moving horizontally at 1.74. Although Engulfing pattern is in a bullish position, this is not a strong reversal pattern. We need to see a confirmation tomorrow via a gap up or a long green candlestick.

Ichimoku elements are still in a bullish setup. Test buy near the supports is a good move.

RSI or Relative Strength Index is at 53 and is pointing upwards.

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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