Shooting Star on CAL

CAL advanced by 18% yesterday but it seems it got tired already. Today we have a Shooting Star candlestick pattern which suggests that bullish sentiment is dissipating. Based on Ichimoku system, short term is still bullish but since RSI is already at the overbought level, this should need to relax a bit. Price may dip following the Shooting Star and find support where Tenkan Sen and/or Kijun Sen will be. Remember that these two lines are changing as the price changes. I think taking profit is a good idea at this time.

For Shooting star to become a reversal pattern we still need a confirmation by way of a gap down or a large red candlestick. Absence of such means it won’t reverse.

Caveat!

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