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.


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