Wait for the signal before getting in

The bad news about the damaged transformer brought FGEN to its support level after it dropped by 9% yesterday. Currently at 23.6% Fibonacci Retracement level we could see a black Marubozu which shows bearishness among the traders. Ichimoku elements are also starting to show bearish signals with Kijun Sen Cross as the first one we spotted. The price may be low now but it is important to wait for a reversal pattern. Without this pattern at this level, price may continue to fall to the next support level which is around 17.03


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