NIHAO bottoming out?
NI is showing some bullishness today after 9 consecutive red candlesticks. Does NI bottomed out today? The last two candlesticks is a bullish pattern called a Harami. This pattern suggests that the power of the bears is diminishing but since this is a weak reversal pattern, we need to see a long green candlestick for confirmation. We may also consider a close above the 2.71 or 38.2% Fibonacci Retracement level as our confirmation since this is our immediate support. Test buy for a few shares below the resistance level would be a good one.
RSI or Relative Strength Index is still very far from overbought level.
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