Harami Cross on RWM

After touching the 127.2% Fibonacci Retracement level yesterday, RWM is showing a bullish signal via the Harami Cross. Does it mean RWM has reached the bottom? This type of candlestick pattern is not a strong reversal pattern so we need to see a confirmation via a gap up or a long green candlestick. Preferrably a close above the 8.95 which is our current resistance. The Kijun Sen line may also help the price in moving upward. If reversal will be established at 127.2% Fibonacci Retracement level then we might see it reach around 9.6x

RSI or Relative Strength Index is currently at 33

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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