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FUQI : Ichimoku Case Study

FUQI just announced that it has accounting irregularities for the past few quarters and that sent the stock plummeting by more than 30%.

I miss the boat when FUQI breakout of the kumo resistance and did not partake in its rise from $6 to about $32.

Having said that, FUQI represents a very good case study for Ichimoku as it has went one round of bullish signal and bearish signal.

Let’s have a look at the Ichimoku chart.

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Fuqi International Inc (FUQI) : Bearish Cross

This little darling that has rallied up so fast is finally breaking down.

The bearish Tenkan sen Kijun sen cross is sighted and it is now just sitting above the kumo for support.

Possible support at $26 and $24.

Fuqi