TA still moving upward. New support at 1.76

TA continue to move upward after it hit 1.76 and is currently knocking on the 1.88 or 50% Fibonacci Retracement level. So far we don’t see any bearish candlestick but it is important to monitor this stock tomorrow especially for those who entered late. Notice that we have some actions at this level early November last year before it continue to drop. Thus, we may consider this one as a strong resistance. But since our weekly is sentiment has not been change, any retracement should be an opportunity to buy.

In addition to the strong resistance, RSI or Relative Strength Index is now at 77.8 which means any time soon there will be heavy selling.

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.

One Response to TA still moving upward. New support at 1.76

  1. […] has been moving up since our last post TA still moving upward. New support at 1.76. From the 1.76 per share support it is now building a new one at 1.88 which corresponds to the 50% […]

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