PX has landed. Is the Kumo strong enough to support the price?

After reached 10.18 per share, it has been dropping and has finally landed at the Kumo. Is it the bottom for PX? The small red candlestick that we saw last Friday could mean the bearish power is now dissipating. This could lead to a bounce but we need to see the succeeding candlestick. This is our area of interest as we have the 61.8% Fibonacci Retracement level and the Kumo. But if the bulls will fail to reverse the trend, our next support will be 8.84 per share or the 78.6% Fibonacci Retracement level.

Ichimoku elements Chikou Span, Tenkan Sen line and Kijun Sen line are all in a bullish setup.

RSI or Relative Strength Index is currently at 40 on our daily chart.

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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