Will LRW revisit 1.60?

LRW move up by 8.2% to 1.32 per share. During the day it hit 1.40 but it wasn’t strong enough. Still we are bullish on LRW with newly found support at 1.22. It took 3 days for the bulls to take back this area. Kijun Sen and Tenkan Sen lines are moving up and is in a bullish setup together with Chikou Span. The only concern we have right now is that the stock is already overbought as depicted by the RSI or Relative Strength Index which is now at 78. But we saw LRW to hit 90+ level before going down. I think it will reach the 1.60 first before it will correct?

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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