PGOLD’s spike may be used as fire exit

PGOLD is showing some bullishness today when it close 3.8% to 42.65 per share breaking the resistance at 127.2% Fibonacci Retracement level on the process. But is it enough to scare the bears away? The White Marubozu candlestick could mean a start of the reversal with initial target at 44.05 where the Kijun Sen line is and if price will continue to go up it may reach 45.x level.

All Ichimoku elements are still in bearish position so treat the spike with caution as it may just be an exit door for those who bought shares at the top.

What we need to do is to check what will be the signals one price will reach those areas mentioned. If there is no bearish signal then it will continue to move up, otherwise, it will create a lower high.

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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