No green light for EMP yet

EMP is currently at 50% Fibonacci Retracement level and as no sign of reversal yet. Observe that there is no bullish formation from our candlestick which leads us to think EMP will continue to dip. Our area of interest is somewhere around 10.77 – 10.55 because of the Kumo and 76.8% Fibonacci Retracement level. If price will touch this area then it is time to test buy. Another scenario could be that price will move above 11.48 (resistance) and 11.72 (Kijun Sen line). If this will happen then it is good to test buy at the end of the week.

Keep also in mind that the One White Soldier on EMP wasn’t confirmed last Friday.

RSI or Relative Strength Index is at 38.9

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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