NIHAO keeps on falling. Looking for support

NI may seek support at 23.6% Fibonacci Retracement level where the Kijun Sen line is also moving horizontally. This is around 2.05 This is if we will not see any reversal pattern from our candlestick. So far what we see on its daily chart are red candlestick after another and no sign of reversal yet. Although the stock is not anymore overbought as reflected on its RSI or Relative Strength Index, it is still pointing down. I think it would be good if we will wait near the support and then see if there will be a good candlestick pattern that will appear.

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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