Weak Bearish Signal on CPG via Tenkan Sen / Kijun Sen Cross

CPG fell by 8.43% today while Ichimoku system is showing a weak bearish signal by way of Tenkan Sen / Kijun Sen Cross. This is considered weak bearish because the cross happened above the Kumo or Cloud. Chikou Span is not yet confirming the bearishness of but if you notice, if price will continue to fall tomorrow and close below 1.58 then we will have a bearish signal from Chikou Span which will strengthen the bearish signal from Tenkan Sen / Kijun Sen Cross. Will the bulls allow this to happen or we will see some light tomorrow?

RSI or Relative Strength Index is now approaching the oversold level. The Kumo may also act as support in case price will continue to drop.

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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