Price is approaching our 1st support, which is in line with our 61.8% Fibonacci retracement, 127.2% Fibonacci extension, and ascending trendline support. We could potentially see a bounce at this level as price continues to hold above the ascending trendline support, and a further push up towards our 1st resistance, which is in line with our 127.2% Fibonacci extension and horizontal swing high resistance. It is worth noting that price continues to hold above the ascending trendline and moving average support, in line with our bullish bias.
Trading Recommendation
Entry: 83.177
Reason for Entry:
61.8% Fibonacci retracement, 127.2% Fibonacci extension, and ascending trendline support.
Take Profit: 84.040
Reason for Take Profit:
127.2% Fibonacci extension and horizontal swing high resistance
Stop Loss: 82.781
Reason for Stop Loss:
61.8% Fibonacci retracement and horizontal swing low support
