TA need to relax

Weekly: After we projected TA to move up to the 2 level because of the Kijun Sen line last January 6 (Price breaks Kijun Sen, weak bullish signal for TA, this line has now bent downwards which suggests we had enough of the rally and correction may happen soon. Notice that the Senkou Span B resisted the price from continuing to move upward and if we will see a bearish reversal candlestick this week then bigger chances of correction.

On our daily chart, we saw how the 61.8% Fibonacci Retracement level stopped the price from moving forward. Support will be at 1.88 which corresponds to the 50% Fibonacci Retracement level and Senkou Span B or the top of the Kumo. The correction is already overdue since our RSI is already quite high last Wednesday.

Caveat!

The following two tabs change content below.

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.

One Response to TA need to relax

  1. Nelson Kaw says:

    good morning, ta seems to relax @ 1.88, it's at the support, stalemate for bull and bear ?

Leave a Reply

}