At press time, FIL was hanging loosely between 78.6% and 61.8% Fibonacci retracement levels and seemed poised for a further downtrend. Although the Money Flow Index indicator showed a sharp rise, the accumulation phase could be interrupted, given the drop in trading volumes and increased selling pressure.
The On Balance Volume also recorded a gentle downward trend, indicating that volumes dipped slightly. Such a dip could undermine buying pressure and give more leverage to sellers.
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