OFI 7107 

 

Overall prices are in a ranging uptrend, good old collection phase for the bankers. Just a week ago, we can see that after the collection phase, the bankers were already starting to push the prices higher which indicates that the push had begun. 

 

Now, last week we can see that prices are testing the Fibonacci Resistance Level 1. A strong red candle had formed. This indicates that the bankers are taking profits at that level. Bankers taking profits can mean 2 things. First one will be they are done with ther stock while the second one mean that they need to take some profits so that they can push the prices higher. As for this case, it is likely to be the second case because a strong green candle happened the next day. 

 

Now if prices are able to maintain above the Fibonacci Resistance Level 1. Then there's a high chance prices will continue rally towards the next Fibonacci Level. 

 

Industry: Food & Beverages.