Will PXP continue to go up?

PXP has finally kissed the Kijun Sen line as the line bent downwards today. The burden now lies on the 23.6% Fibonacci Retracement level to support the price in case we will have a strong headwind. Resistance will be at around 8.34 per share. Just monitor for a bearish candlestick formation. In case there is none, it will continue to move upwards and may hit 9.70. Although consider a long shot and a lot of things could happen along the way.

RSI or Relative Strength Index is now at 69.

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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