LTG broke immediate support. Knives still falling

LTG continue to fall and break another support today. Next support is the 50% Fibonacci Retracement level which is around 16.43 per share. We are also speculating that LTG may create a downward channel where the 16.43 may be the level to bounce and register a lower low for the channel. But it is still too early to tell especially that we have a weak bearish signal today coming from the Tenkan Sen / Kijun Sen Cross.

Notice also that in our weekly chart we have the Kijun Sen moving horizontally at 16.43 which coincides with our retracement level on daily chart.

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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