LTG breaking 38.2% Fibonacci Retracement level

From the high of 20.55 last September, LTG fell to 12.96 and has bounced but meet a resistance at 38.2% Fibonacci Retracement level. The price movement after that creates higher lows which suggest that the bulls have not given up. If you notice we have a slope and has two higher lows. Today’s rally is a big one for LTG as it breaks the resistance and stays above it thus 38.2% Fibonacci Retracement level becomes our newly found support.

While price is still inside the Kumo, there is a greater chance that the newly found support will be tested, if this proves to be strong then we might see LTG pierced through the cloud and retest resistance at 50% Fibonacci Retracement level. Notice we also have an action here around October.

Chikou Span, Tenkan Sen and Kijun Sen lines are saying that we have a weak bullish signals.

RSI or Relative Strength Index is touching the overbought level.

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 LTG breaking 38.2% Fibonacci Retracement level

  1. […] the same chart when we saw LTG breaking 38.2% Fibonacci Retracement level, it seems that LTG is facing a headwind or resistance near 61.8% Fibonacci Retracement level. If […]

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