FGEN onward to 127.2% Fibonacci Retracement level?

Last Tuesday we are speculating FGEN to correct up to 14.51 based on Kijun Sen’s movement but recently the line bends and points upward. This is a good news for FGEN since the power of Kijun Sen line to attract the price is already weak. The two Dojis and the Marubozu also suggests that the bulls are overpowering the bears. This is also a good setup since the Dojis are very near the support at 23.6% Fibonacci Retracement level. Will this bring the price of FGEN to 17.31 soon?

RSI or Relative Strength Index is currently at 61.

On weekly chart you may notice that the Kijun Sen is providing a support after the weak bullish signal via Kijun Sen cross.

Caveat!

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