RWM may dip more. Support near 9.70

After RWM hit the 10.03 Kijun Sen line on weekly chart (Kijun Sen line may attract RWM to 10th level), it is showing some bearishness as we see a Doji followed by a relatively long red candlestick today. The weak newly found support at 50% Fibonacci Retracement level was broken easy today. Next support is at 9.70 per share but we are looking at possible attraction to the Kijun Sen line on daily chart which is at 9.4 or flat Kumo at 9.47.

Today’s price movement enables the RSI to loosen a bit from 74 now its 61.

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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