Pullback on ALI. A welcome development?

Finally a pullback on ALI after hitting 31 few days ago (Will ALI hit 31 before correction?). Using our upward channel drawn last time, we could see that today’s price hits the support level. Question now is: will it bounce from here? Our indicators from Ichimoku system suggests that ALI is still in bullish mood but in case our immediate support will not hold, our Kijun Sen may meet the price to provide support.

The correction also enables our RSI or Relative Strength Index to go back to neutral level after it went as high as 87 now at 60.

As long as we have a good signal such as candlestick formation and as long as bullish signals are still there, this stock is good to have. Let’s start monitoring this stock again.

Caveat!

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