Weak Bearish Signal on EMP

EMP broke from its 61.8% Fibonacci Retracement level which acted as a support. Now it is approaching the 50% level. Looking at the Ichimoku elements we have a weak bearish signal brought by the Tenkan Sen / Kijun Sen Cross. This is considered weak because the cross happened above the Kumo. But notice that Chikou Span is also agreeing with the bearish sentiment. Will this fuel EMP to move down? It seems that in order for the bulls to remain on the ground, EMP needs to stay above 11.26 else, bears will continue to do damage.

RSI or Relative Strength Index is still pointing down and approaching oversold level. Immediate resistance starts at 11.18 but it would be more comfortable if price will close above 11.26


Leave a Reply