FGEN needs to correct, watch out for the bottom

FGEN‘s weekly chart is still showing some bullish sign but we may experience a correction soon. Last Friday, we saw FGEN fell by 2.7% falling below 18.11 which was our immediate support (daily chart). If the bears will continue to pull FGEN then we might see a correction down to 16.81 per share. This stock is also ripe for a correction since it is already at the overbought level.

RSI or Relative Strength Index is currently at 71.8 on weekly chart

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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