Is JFC ready to move up?

After the consolidation (Buy chicken joy while JFC consolidates), is JFC ready to move up? Today we saw JFC move up by 1.8% reaching the 171 per share mark. If we look at our weekly chart, it is seen that the price crossed the Kijun Sen line which is a bullish signal.

Ichimoku elements is still in a bullish state and the Kijun Sen line will continue to move up in case price will close above 171. Will it be able to hit the 127.2% Fibonacci Retracement level soon?

Our concern now is the RSI or Relative Strength Index as it move closer to overbought level. If we will see a bearish candlestick pattern tomorrow then the next level may not be hit.

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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