Spike of GERI enough to scare the bears away?

GERI went up by 3% last Friday but is it enough to scare the bears away? The spike enables the bulls to hit the Kijun Sen line that is moving horizontally at 2.08 The price wasn’t able to close above this line thus we consider this our immediate resistance.

Weekly chart shows a bearish sentiment as the price fell near the Kumo or Cloud. As of now this is our immediate support but the Kijun Sen line at 1.7 may pose a threat. What we need to see in order for this to be negated is for GERI to touch above 2.25 per share. This will bend the Kijun Sen line upwards. A close above 2.17 will also negate the bearish pattern found on our candlestick formation. If you consider a test buy at current level, monitor the price action and act accordingly.

RSI or Relative Strength Index is currently at 51

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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