GERI may test newly found support before going up again

After breaking from the triangle (GERI consolidating inside a triangle), GERI is taking a breather. Last two trading days ago, it fell by 3% but half of it was recovered the next day. But looking at the chart, there is a tendency GERI will test the newly found support at 1.91. This is because the Kijun Sen line will be moving horizontally at 1.87 for 2-3 days. During this time we might experience some headwinds but this should be an opportunity to buy. It may also help loosen RSI a bit more.

Ichimoku system is telling us that GERI is in bullish mood with all elements on bullish setup. We are looking at 2.36 as initial TP following the breakout from the small triangle.

RSI or Relative Strength Index is currently at 63.

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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