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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