Harami on MER

MER formed a Bullish Harami on its last two candlestick near the support which is 78.6% Fibonacci Retracement level. This leads us to speculate that MER has found its bottom. But as far as Harami pattern is concerned, this is not a strong reversal pattern, thus, we need to see a confirmation after this week. We need to see a gap up or a large green candlestick for confirmation. Preferrably a close above 263.83 which is our current resistance. The Kijun Sen line at 269.9 may help pull the price up as long as this line is moving horizontally.

RSI or Relative Strength Index is currently at 41

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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