Price is approaching our 1st support, in line with our 38.2% Fibonacci retracement and 100% Fibonacci extension. We could potentially see a bounce at this level and a further rise up towards our 1st resistance, which is in line with our 78.6% Fibonacci extension and horizontal swing high resistance. It is worth noting that the MACD indicator is also holding above the 0 line, showing bullish pressure in line with our bullish bias.
Trading Recommendation
Entry: 84.207
Reason for Entry:
38.2% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support
Take Profit: 84.778
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing high resistance
Stop Loss: 83.917
Reason for Stop Loss:
61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support
