PX still strong. Bullish signal via Kumo Break

PX is on its 3rd day winning streak and has hit the Kijun Sen line at 9.08 establishing a new support level at 8.92 per share. Will this support hold? Few months ago there has been some action going on at this level so I think this support will be strong.

Based on Ichimoku system, we have a bullish sign via the Kumo Break. We still need to see other elements to turn green. As of now our Tenkan Sen is way below the Kijun Sen line and Chikou Span may have a hard time moving above its correspondin price at this time. As long as the 8.92 support will hold, we will see other indicators to agree with the Kumo break.

RSI or Relative Strength Index is at 59 which is below overbought. After the 9.08 resistance, next is 9.17. A retrace at 78.6% Fibonacci Retracement level will usually bounce up to 127.2% Fibonacci Retracement level.

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.

One Response to PX still strong. Bullish signal via Kumo Break

  1. Felix T. Gomez Jr. says:

    The ex-date tomorrow may pull the price. Support at 8.93 – 8.87. If it will hold and bullish pattern from candlestick will be seen after the dust has settled, we will see PX continue to rise to its target.

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