Sideways with Bearish Bias

The current support at 2.09 per share or 61.8% Fibonacci Retracement level is preventing the price from moving downwards. But will it be strong enough for this week? After consecutive rallies we have seen it move sideways. The bulls were able to negate the Bearish Engulfing pattern we saw few trading days ago as it wasn’t confirmed the next day.

The threat from the Kijun Sen line is still there which may continue to pull the price down. If price will break the current support, we might see ORE to hit the psychological support 2.0 and then 1.95 followed by 1.90. For our resistance, it will be the recent last high up to 2.23

Based on Ichimuko system, a fall to 2.06 will send a bearish signal to our Chikou Span so this needs to be monitored.

RSI or Relative Strength Index is currently at 58


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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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