Kijun Sen line may attract RWM to 10th level

RWM closed in green this week but it was not very convincing confirmation for the Doji candlestick we saw the previous week. Still we are looking at 10.03 price target for RWM. We speculated RWM will continue to rise because of the Kijun Sen line that is moving horizontally at that price and incidentally it is also our 50% Fibonacci Retracement level.

Immediate resistance is the 23.6% Fibonacci Retracement level which is around 9.27. RSI or Relative Strength Index is currently at 30 which means the stock is oversold.

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.

One Response to Kijun Sen line may attract RWM to 10th level

  1. […] RWM hit the 10.03 Kijun Sen line on weekly chart (Kijun Sen line may attract RWM to 10th level), it is showing some bearishness as we see a Doji followed by a relatively long red candlestick […]

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