LRW moving towards Kijun Sen line

LRW slipped through the support line at 1.22 or the 23.6% Fibonacci Retracement level and close at 1.19 per share. Although we have seen LRW to retrace at this level last month, there is a possibility it will continue to go down because of the Kijun Sen line that is moving horizontally at 1.11 It is important to check the movement tomorrow and the closing candlestick. If it will show a bullish candlestick then we are off for a bounce. A test buy around the Kijun Sen line may be a good idea.

RSI or Relative Strength Index is currently at 56

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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