LTG not feeling well

LTG at 16.88 has a weak support that may be broken easily by the bears. Will it visit 15.x soon? Currently, we have a lot of bearish signals from Ichimoku system such as the strong bearish signal from Tenkan Sen / Kijun Sen Cross. It is also bearish since price is trading below the Kumo or Cloud. There might be some spikes but it seems this will be used by others as fire exits.

RSI or Relative Strength Index registered an oversold level but until no reversal signal will appear, this may continue to go down.

Caveat!

 

Indicators based on Ichimoku system

Weekly Chart Oct 21 – 25, 2013

Price location relative to Kumo (Bearish)
Tenkan Sen/Kejun Sen Cross (Weak Bearish)
Kijun Sen Cross (Weak Bearish)
Chikou Span Cross (Bearish)

Daily Chart 21-Oct

Price location relative to Kumo (Bearish)
Tenkan Sen/Kejun Sen Cross (Strong Bearish)
Kijun Sen Cross (Neutral Bearish)
Chikou Span Cross (Bearish)

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