Harami on AP at support level

Looking at the chart of AP today we can see an interesting formation at the support level. Current price is at 78.6% Fibonacci Retracement level which acts as support. The last two candlesticks are forming what we called Bullish Harami. This is not a very strong reversal pattern but what makes it interesting is that it is at the support area. If we will see a gap up or a large green candlestick tomorrow then we will see a bounce from the level. The flat kumo may also attract the price of AP but what we are really looking at on mid-term is the 44.50

RSI or Relative Strength Index is currently at 32.8

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 Harami on AP at support level

  1. Thanks for this TECHNICAL confirmation, Felix! Will buy some today.

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