HOUSE still bullish but may have deep correction

HOUSE is down by 3% today to close at 8.14 per share breaking down from the support line 23.6% Fibonacci Retracement level. The Kijun Sen line that is moving horizontally at 7.62 may continue to pull the price towards it which means HOUSE may continue to drop.

Ichimoku elements are still in a bullish setup so this could mean a healthy correction for HOUSE. RSI or Relative Strength Index continue to loosen as it exits from the overbought level.

I think the best thing to do is wait for bullish candlestick near support levels before entering or you will just catch falling knives.

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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