NI: Weak bearish bias via the Kijun Sen Cross

NI registered a weak bearish bias via the Kijun Sen Cross today as price closed at 2.82 per share. The flat Kumo seems to have a strong influence on the price drop. Will the price really fall that deep? Currently our support is at 2.77 which is at 50% Fibonacci Retracement level. Notice that we have a price action at this level before. In order for us to have a good entry, we need to see a bullish candlestick pattern at this level. Absence of such pattern will mean price will continue to drop and reach the next support which is 2.64 per share. That is near the flat Kumo.

RSI or Relative Strength Index as of this time is 43.

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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