JFC’s 38.2% Fibonacci Retracement level could be its springboard

JFC’s weekly chart is showing a weak bearish signal via the Kijun Sen / Tenkan Sen Cross but it seems that it has found its support at 38.2% Fibonacci Retracement level. Notice how this line prevents price from moving downward. The green Kumo or Cloud will also be a great help at this time. In case the bulls will return, this stock may may up around 166.60 per share. This is due to the Kijun Sen line moving at that level.

On our daily chart we are speculating that price will close the gap very soon and 161.4 may be achieved.

RSI or Relative Strenght Index on both weekly and daily are very much healthy. More room to go up.

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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