VMC may hit support slope and bounce

VMC may continue to drop and find support at 4.90 per share where the Kijun Sen line is moving horizontally. This also coincide with the upward channel we are drawing in our chart. Notice that the lower slope is acting as support everytime price will correct. But the question is, will it be the same this time?

Ichimoku elements are in a bullish setup. The dip should be an opportunity for us to buy and if we will see a bullish candlestick formation near our support then VMC will bounce with the possibility of touching the upper slope.

RSI or Relative Strength Index is at 60

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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