LTG: price may retrace further, opportunity to buy?

LTG seemed to have lost the strength to continue its ascend with two consecutive fall after we saw a bearish candlestick. Currently breaking the immediate support at 78.6% Fibonacci Retracement level with the possibility of going down to 17.36 per share unless the indicator will change its course. We are referring to the Kijun Sen line which is moving horizontally at this price. In case it will hit this price, we will see if there is a good candlestick formation for a bounce. But before it will hit there, we have a support at 17.65

Based on Ichimoku system LTG is still in an upward trend with all line elements in green. Maybe the retrace is an opportunity for us to ride the LTG tide?

RSI or Relative Strength Index is now at 57.7

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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