LTG may retrace but upward trend still intact

Using 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 this will retrace, our support at 16.76 down to Senkou Span of the Cloud may be considered as our support. Notice that we have an interesting action at this level before so the bulls and the bears may again fight to win this area.

Since we have our Ichimoku elements in green, we still think that any retrace will be an opportunity to buy.

RSI or Relative Strength Index need to loosen a bit.

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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