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.
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