PX ready to take off?
PX went up by 3.2% today after consolidating within the 9.32 – 9.48 range. The Marubozu candlestick today may suggest that PX is ready to go up as price break through the Kumo. Although Ichimoku elements are still in a bearish mood when PX close today, we might see them change color tomorrow. Chikou Span is about to go above the price. This will happen if price tomorrow will go up above 9.80 per share. This will also break the resistance at 61.8% Fibonacci Retracement level. The Tenkan Sen line is also moving up and may cross the Kijun Sen line to give a bullish signal.
On the other hand, we also see a possible rectangle pattern. In case price will not be able to break the current resistance around 9.62 then it may fall and go back to the ground.
If price will gap up tomorrow and close above today’s price, then the chance of going up further is greater. If it will gap up tomorrow but close below the immediate resistance then that will not be a good scenario.
RSI or Relative Strength Index is at 63
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