NI still finding support. Is it near its bottom?

Last March 6 we ask how deep is NI’s correction will be and it seems it haven’t found its bottom yet. Kijun Sen line is still moving horizontally at 2.59 which may attract the price. Immediate support at 2.71 or 38.2% Fibonacci Retracement level.

Based on the candlestick formation, we don’t see any bullish reversal pattern yet but I think it is now time we need to put this stock on our watch list. Due to its decline from 3.09 the RSI or Relative Strength Index is has been declining as well and is approaching oversold level.

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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