TA resting on support line

After breaking from the resistance slope and manage to reach as high as 2.44 per share, we have seen it corrects and so far has found support at the previous resistance slope. Is TA ready to bounce now? Notice that we have a Doji candlestick today which means that the bears and the bulls are in equilibrium after TA corrects. In case there will be a gap up or a large green candlestick tomorrow, then we will see TA climb and challenge the 2.50 resistance. It is important to see that signal. Absence of such would mean breaking from the newly found support and kissing Kijun Sen line at 2.18 per share.

Ichimoku elements are still in a bullish setup. Extended Kumo is in bullish setup as well and is climbing.

Caveat!

One Response to TA resting on support line

  1. John Mccracken says:

    I see the overbought RSI now Brocken below the 80, this is a signal for some to sell, stochastic also indicates overbought, looking for a retraction to 2.15 levels support for me to get back in with a small purchase, and it could even go back to its 50 day support around 2.02 if market sentiment is right. This is where I would really buy the stock as overvalued for now Cavite.

Leave a Reply