ORE touching the 78.6% Fibonacci Retracement level

ORE touched the 78.6% Fibonacci Retracement level today as it fell by 7.1% at the close. Is this the bottom for ORE? We don’t have any bullish pattern from our candlestick as of today but this is worth watching tomorrow since we have a Marubozu candlestick which can be partnered by a candlestick that will form a bullish reversal pattern plus it is at the support line. In case bears will continue to be strong tomorrow, then next support will be at 1.51 per share.

RSI or Relative Strenght Index is now at 27.

Caveat!

The following two tabs change content below.

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.

Leave a Reply

}