FLI may retrace to find support at Kijun Sen line

We 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% today, it seems that FLI is heading for the support at Kijun Sen line. Notice also that Kijun Sen line is moving horizontally which could attract the price from moving towards it (in this case going down). The Weak Bullish Signal from Tenkan Sen / Kijun Sen cross is still there so I think the dip is just a healthy correction for FLI.

Remember that when the price hit the resistance level, our RSI or Relative Strength Index has already hit overbought level. So we need some selling to be back on healthy stage.

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.

One Response to FLI may retrace to find support at Kijun Sen line

  1. Gan Belgado says:

    time to apply bounce play technique,kung nasa bttom fishing pa sana before bouncing or retracing

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