FLI moving inside an upward channel. Currently at resistance level

We saw how FLI move within the upward channel for few weeks now. Current price movement suggests that FLI is at the resistance level with a Doji candlestick and additional resistance from Kijun Sen line. Will it move down from here and go back to its support level? Last time it corrects, we saw a Dark Cloud Cover at the resistance level. Doji is a weak reversal pattern compared to Dark Cloud Cover. This means we need to see a confirmation this week if the bears are really in control. Absence of such confirmation means FLI will continue to fly and break the slope. If it does, we will also see a bullish signal from one of our Ichimoku elements.

Our daily chart is also showing a sideways movement with bearish bias. See how the price consolidates at current level for few days while Kijun Sen is moving horizontally at 1.35

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 moving inside an upward channel. Currently at resistance level

  1. […] 50% Fibonacci Retracement level. Its move to hit the support line as described in our weekly chart (FLI moving inside an upward channel. Currently at resistance level) hasn’t materialized. Will the constant try of FLI to break the resistance finally be […]

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