FGEN may continue to fall, attracted by Kijun Sen line

FGEN continue to move south after hitting our 127.2% Fibonacci Retracement level target (No sign of bears on FGEN). Transfering our fibonacci setup to check where FGEN may possibly go, we could see that around 18.16 is our immediate support and this also coincide with the Kijun Sen line that is moving horizontally at this area.

When FGEN was at the peak the RSI or Relative Strength Index was already hitting the 80 level. Now that it has moved down the stock is not anymore overbought. This is good for the stock and the correction is considered healthy.

All Ichimoku elements are telling us that FGEN is in an upward trend.

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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