Price is facing bullish pressure as it continues to hold above the ascending trendline support. We could potentially see a bounce at our 1st support level at 71.28, which is in line with our 23.6% Fibonacci retracement and 23.6% Fibonacci extension and a further rise towards our 1st resistance level at 76.12 which is in line with our horizontal swing high and 127.2% Fibonacci extension. It is worth noting that the MACD is above the 0 line, showing bullish pressure in line with our analysis. Otherwise, price may bearish to our 2nd support at 69.49 which is in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.
Trading Recommendation
Entry: 71.28
Reason for Entry:
23.6% Fibonacci retracement and 23.6% Fibonacci extension
Take Profit: 76.12
Reason for Take Profit:
Horizontal swing high and 127.2% Fibonacci extension
Stop Loss: 69.49
Reason for Stop Loss:
50% Fibonacci retracement and 38.2% Fibonacci extension.
