SECB trying to break the cloud but looks weak at this time

Weekly: SECB‘s weekly chart still showing a downtrend with current price below the price corresponding the Chikou Span. We are still waiting for Tenkan Sen to cross the Kijun Sen which may not happen very soon. It is also trading below the Kumo which also mean it is at bearish territory. Current candlestick formation is a Dark Cloud Cover which if confirmed, will bring the price down. Support may be seen when Tenkan Sen and price will meet. Based on Fibonacci Retracement level, we may see our support somewhere at 127.2 and resistance at 144

Daily: Price action is currently at the border of Kumo which acts as our resistance zone. Our Tenkan Sen line may act as our immediate support but as long as it is within the Kumo (cloud), the lower boarder will be our major support.

RSI or Relatives Strength Index is neither overbought nor oversold as it range within 50 – 70 level.

Caveat!

 

Indicators based on Ichimoku system

Weekly Chart Oct 7 – 11, 2013

Price location relative to Kumo (Bearish)
Tenkan Sen/Kejun Sen Cross )Bearish)
Kijun Sen Cross (Bearish)
Chikou Span Cross (Bearish)

Daily Chart 11-Oct

Price location relative to Kumo (Neutral)
Tenkan Sen/Kejun Sen Cross (Weak Bullish)
Kijun Sen Cross Weak (Bullish)
Chikou Span Cross (Bullish)

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