Will ALI revisit 31 level soon?

Weekly: ALI is showing a neutral bullish signal on it weekly chart via Tenkan Sen / Kijun Sen Cross. This is called neutral because the cross happened inside the Kumo. This is the only Ichimoku element that is turing into bullish while we still waiting for confirmations from other elements.

There is also an interesting pattern from candlesticks called Bullish Piercing Line which suggests reversal. If price will rebound from here then we will see this point as our higher low which may help build the Ascending Triangle we are trying to project at this time. Be warned that its not yet happening and the formation may be changed as time goes by.

Bullish Piercing Line: The market moves in a downtrend. The first red body reinforces this view. The next day the market opens lower via a gap, showing that the bearishness still persists. After this very bearish open, bulls decide to take the lead. The market surges toward the close, prices start to go up resulting in a close way above the previous day’s close.

Daily: On its daily chart, it is seen that the price continue to move up since the last time we saw the Doji. Last Thursday it shows a neutral bullish signal via Tenkan Sen / Kijun Sen Cross and price continue to move up after that but still Chikou Span does not agree with the bullishness showed by this progress. Bulls need to do more than what they are currently moving. Maybe they need to push it to 31?

RSI or Relative Strength Index is still very much healthy indicating more room for buyers to buy more shares.


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