Trading the range for RLC?

Weekly: RLC is bearish based on Ichimoku system as price close below the Kumo unlike last week when it was able to bounce and close inside the Kumo. Although we still have the bullish signal from Tenkan Sen / Kijun Sen cross, this is considered neutral because it happened inside the Kumo. Ichimoku is also telling us that RLC is bearish on weekly chart.

Daily: Last time we saw a Bullish Harami formation and price bounced for a day hitting the resistance level at 61.8% Fibonacci Retracement level. After that we saw RLC falling back to 78.6% Fibonacci Retracement level. Are we going to bounce from here? There is an interesting candlestick pattern last Friday called a Doji which makes us speculate it will have a technical bounce. It also seems that RLC is going to range trade between the two retracement lines.

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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