MARC hitting resistance at 78.6% Fibonacci Retracement level

MARC touched its resistance at 3.86 per share or the 78.6% Fibonacci Retracement level but didn’t stay long and close at 3.77 per share. Is MARC going to test it again? Current support is at 3.58 per share in case it will retrace. Ichimoku elements are still in green which means the bulls are in control.

With RSI or Relative Strength Index above 70, the stock is already overbought and this may hinder the bulls to break the resistance at this time.

Caveat!

The following two tabs change content below.

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.

Leave a Reply

}