FLI facing resistance at 78.6% Fibonacci Retracement level

FLI has shown weak bullish signal last December 23, 2013 when price cross the Kijun Sen line from below. Since then the price has maintained its position above the line but is currently facing a resistance at 78.6% Fibonacci Retracement level.

In case the bulls will be able to break this resistance then we will be looking at 1.60 or 61.8% Fibonacci Retracement level as our next wall to break. For those who were able to get some shares at 1.1x may choose to wait if price will break the resistance or not. I think 1.32 may also develop into a new support level aside from the bottom we’ve seen 2nd week of December.

RSI or Relative Strength Index is currently hitting overbought level. Will there be selling pressure very soon?

Caveat!

One Response to FLI facing resistance at 78.6% Fibonacci Retracement level

  1. […] have seen FLI facing resistance at 78.6% Fibonacci Retracement level on the last trading day of December and it seems this wall is hard to break. As price drop by 2.2% […]

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