URC at 50% Fibonacci Retracement level

At this time URC is facing a headwind which may cause its flight to be disrupted. We have seen this stock bounced from 111 level to 120 but as of this time our candlestick is giving as a caution. With price sitting at 50% Fibonacci Retracement level and with Doji candlestick, this might be a sign for reversal. Since Doji is a weak reversal signal we need some confirmation via a long red candlestick or a gap down. Absence of that may mean a continuation of the trend and could hit 123 which is our next resistance.

Ichimoku elements are still in bearish mood. Be careful.

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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