LTG having a hard time breaking 38.2% Fibonacci Retracement level

LTG is currently getting help from the Kumo as seen on the daily chart. Last Friday it bounce off to close at 18.40 per share. But weekly chart is still showing some bearish sentiment. Notice that for two consecutive weeks, the 38.2% Fibonacci Retracement level has been a strong resistance and Kijun Sen will soon move horizontally at 16.43 The only way Kijun Sen will be upward is when LTG move up and close at 20 or above. If the current resistance will be strong, there is a greater chance it will fall to the support line.

RSI or Relative Strength Index on weekly chart is still below 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.

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