Is it over for EMP? Time to retrace?

After EMP was attracted to the Kijun Sen line while it was moving horizontally, it seems the Kijun Sen line is a strong resistance and may not allow price to move up. In addition to that, we also have seen a Doji candlestick which suggests that the bulls and the bears are in equilibrium. If this candlestick will appear after the rallies, there is a greater chance price will retrace. One more thing is that it is where our 61.8% Fibonacci Retracment level is right now and we have seen how EMP retraced at this level last December 18, 2013. Will this happen again?

Price may go back to around 10.50. If there will be a bullish signal when it hits that level, then that will be a good entry point. Just monitor EMP every now and then.

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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