URC on unstable ground

Weekly: Even though URC has been hit by bears lately, the weekly chart still shows an upward trend for URC having its price trade above the Kumo and Tenkan Sen flowing above the Kijun Sen since the cross over last year.

Daily: The last Tenkan Sen/Kijun Sen Cross was a weak bearish signal as Tenakan Sen crosses the Kijun sen from above and it happened above the Kumo. Although price bounced few days ago when it retraces to the Kumo, we still need bullish indicators in order for us to feel comfortable. Will the Tenkan Sen and Kijun Sen make a bullish cross soon?

Currently our price is sitting on 78.6% Fibonacci Retracement level which act as our immediate support. Our immediate resistance will be the Kijun Sen line at around 125.50

RSI or Relative Strength Index is still very healthy.

Caveat!

 

Indicators based on Ichimoku system

Weekly Chart Oct 7 – 11, 2013

Price location relative to Kumo (Bullish)
Tenkan Sen/Kijun Sen Cross (Bullish)
Kijun Sen Cross (Bullish)
Chikou Span Cross (Bearish)

Daily Chart 11-Oct

Price location relative to Kumo (Bullish)
Tenkan Sen/Kijun Sen Cross (Weak Bearish)
Kijun Sen Cross (Weak Bearish)
Chikou Span Cross (Bullish)

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