Looks like CPG found a support from the Kumo

Looks like CPG has found support at the Kumo where we also found the 61.8% Fibonacci Retracement level. Yesterday we saw how the bulls tried to stop the bears from going further down and so far bulls succeeded.

Based on Ichimuko, CPG still has the weak bearish signal created few days back via the Tenkan Sen / Kijun Sen Cross with Chikou Span agreeing on it. But if we will see CPG to rally to 1.70 this week then maybe we will see a change in sentiment. What we are also waiting to happen is the strong bullish signal from Tenkan Sen / Kijun Sen Cross. It’s not yet happening but lets monitor that one.

RSI or Relative Strength Index is at oversold level and is now pointing 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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