NIHAO touching Kumo

NiHAO revisiting 61.8% Fibonacci Retracement level. Remember this was our strong resistance last March. During that time, NI retraces to as low as 2.20 per share. The retrace was attributed to the strong resistance and Kijun Sen line moving horizontally at 2.28 that time. This time the scenario is quite the same. Will the result be different this time?

Our main concern this time is the Kumo or Cloud which may hinder NI to continue to move upward. Next resistance will be at 3.40 while support is at 2.70 per share and as long as the Kijun Sen line is moving horizontally, there is a chance it will go down. In order for Kijun Sen line to bend, we need NI to reach 3.10 or higher.

RSI or Relative Strength Index is currently at 65.96

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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