Weak Bullish signal on PX via Tenkan Sen / Kijun Sen Cross

PX found support near the 61.8% Fibonacci Retracement level but it also near the resistance which currently prove to be strong. For two days after we saw the price crossing the Kijun Sen line, this line has stopped the price from moving upward.

But we are seeing some light for PX via the Tenkan Sen / Kijun Sen cross today. This is considered a weak bullish signal but the flat bottom of the Kumo which is at 8.92 per share may pull the price to come close to it.

We have also drawn a possible upward channel that PX may follow but this is still very premature. This may develop into an upward channel or disappear.

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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