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.
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