JFC near 78.6% Fibonacci Retracement level

JFC is now trading near the 78.6% Fibonacci Retracement level. Is it ripe for a bounce. Notice that the area has been used as a support last May during consolidation before JFC rallied and reach all time high. You may test buy at this level or very near 173.05 but monitor also for a bullish candlestick pattern because as of now we don’t have one yet. The last candlestick looks like a Hammer but its not near to the ideal pattern that we are looking for. No bullish pattern from our candlestick means price will continue to go down. If that happen then next support will be the 167.91

RSI or Relative Strength Index is at 31 which means it is around the oversold area.

Caveat!

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