NI may continue to correct

After reaching the 127.2% Fibonacci Retracement level last time, NI corrects and is now at 3.0 per share. The Kijun Sen line at 2.90 may try to pull the price more as bearish sentiment is still in the air. But this should be considered a healthy correction since Ichimoku elements are still in a bullish setup. A good chance of entering will be near the Kijun Sen line which is also near the 38.2% Fibonacci Retracement level. It will still take few days for this line to bend upward so we will just wait. Once it hit there, we will look for a clue from our candlestick if a bounce is imminent, if not, the next support will be at 2.77 per share.

RSI or Relative Strength Index is going down and is now at 55. Still pointing down.

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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