LTG: are the bears gone?

Looks like LTG has found support at 61.8% Fibonacci Retracement level after falling from as high as 19.90 per share. Notice the successive long red candlesticks which show bearish sentiment but today it shows a Doji candlestick which could mean that the bears are already done with their selling. Although there is still a sign of possible drop to 17.36 because of the Kijun Sen line, we just need a good confirmation via a long green candlestick to satisfy our speculation that the bears are really gone.

RSI or Relative Strength Index has dropped to 46 from the high of 82 so this is a good sign also.

Based on Ichimoku system, all elements are still in a bullish mood.

Caveat!

Leave a Reply