PGOLD closing in on resistance slope

PGOLD continue to move upward 1.6% to close at 45.5 per share. It close above the 61.8% Fibonacci Retracement level which we set as its immediate resistance before hitting the slope. No bearish candlestick formation as of this time but its important to monitor at this stage. If price will pierce through the slope then this will become our support but if price will turn sour this week then we might see price to correct as deep as where the flat Kumo is. That’s around 44.3 per share.

RSI or Relative Strength Index has just entered the overbought level. Since PGOLD is nearing the resistance slope, I think it would be better to wait for a good break from that area before entering or else you might be left hanging above in case the bulls will not be able to make it.

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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