Is EEI going for a full reverse?

Looks like EEI had bottomed out last Wednesday. Last Friday it advanced by 3.2% breaking the resistance Tenkan Sen line but indicators from our Ichimoku system has not lighten up yet. While all bullish indicators on our daily chart is still turned off one should not be in a hurry to join EEI. You may buy few shares but be watchful as the spike last Friday may turn out to be a trap. But in case it will continue to go up, the slope we placed on our chart may be a strong resistance. Plus that is where our Kumo or Cloud is.

Caveat!

 

Indicators based on Ichimoku system

Weekly Chart Oct 21 – 25, 2013

Price location relative to Kumo (Bearish)
Tenkan Sen/Kejun Sen Cross (Weak Bearish)
Kijun Sen Cross (Weak Bearish)
Chikou Span Cross (Bearish)

Daily Chart 21-Oct

Price location relative to Kumo (Bearish)
Tenkan Sen/Kejun Sen Cross (Strong Bearish)
Kijun Sen Cross (Strong Bearish)
Chikou Span Cross (Bearish)

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