LTG is consolidating. Where will it break?

LTG fell by 2.4% yesterday and reaching the bottom of the cloud which is our resistance zone. There is a neutral bearish Kijun Sen cross we have seen and current price is below Chikou Span‘s corresponding price. A possibility of a bounce if we look at the Symmetric Triangle but I think bearish sentiment is quite strong over bullish.

Symmetrical Triangle is a continuation pattern, since we have a descending trend from June this may continue to fall after consolidating. Almost always it continue with the trend but there are also times when it break the resistance. It would be best to wait for the breakout with good volume before getting in.

RSI or Relative Strength Index is moving towards oversold level.

Caveat!

One Response to LTG is consolidating. Where will it break?

  1. […] like LTG is choosing the south bound after consolidating inside the Symmetrical Triangle. RSI is going down but selling pressure can’t be avoided. This can be seen as volume spiked […]

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