Engulfing pattern seen on ORE

Engulfing pattern can be seen on ORE as it drop by 5% today closing at 2.07 per share which is below the 61.8% Fibonacci Retracement level. This is a bearish signal from the candlestick which could be the start of a correction. In case the Bearish Engulfing pattern will be confirmed tomorrow, ORE may continue to go down to the base of the Kumo or Cloud which is around 1.95 per share.

A confirmation from the bearish candlestick will also drive the Chikou Span below the price and give a weak bearish signal.

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.

One Response to Engulfing pattern seen on ORE

  1. […] week? After consecutive rallies we have seen it move sideways. The bulls were able to negate the Bearish Engulfing pattern we saw few trading days ago as it wasn’t confirmed the next […]

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