Is PX near its bottom?

PX has been declining since we saw it hit 9.98. We saw two successive drops of 2% each before today. Looking at the candlestick, we can speculate that the bears are already done with their damage. Price is near our 78.6% Fibonacci Retracement level and if we will see a good candlestick formation tomorrow then PX might just have reached its bottom. Normally a retrace of about this deep will bounce to 127.2% Fibonacci Retracement level. Let’s see.

RSI or Relative Strength Index is at oversold level already.

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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