Is FLI ready to fly?

FLI has so far refused to go down and has been trying to break the resistance at 50% Fibonacci Retracement level. Its move to hit the support line as described in our weekly chart (FLI moving inside an upward channel. Currently at resistance level) hasn’t materialized. Will the constant try of FLI to break the resistance finally be successful or it will give up and move down? When the Kijun Sen was still moving horizontally, the possibility that it will move down is greater than this time when the line has already bent up. I think FLI is more bullish now than on previous weeks. It just need to break the 1.46 barrier and we are FLI will fly.

Just in case it will turn sour, our support is at 1.40 per share or 38.2% Fibonacci Retracement level

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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