Price is expected to continue to move upwards in the bullish momentum towards the 1st Resistance in line with the 200% Fibonacci extension and 76.4% Fibonacci retracement. Price is seen to be holding above the 100 period MA and the Ichimoku cloud which further enhances our bullish continuation bias. Price is also expected to move in an upward movement due to the significant inverse head and shoulders reversal pattern.
Trading Recommendation
Entry: current price (130.347)
Reason for Entry:
76.4% Fibonacci retracement, horizontal resistance turn support
Take Profit: 131.862
Reason for Take Profit:
200% Fibonacci extension and 76.4% Fibonacci retracement
Stop Loss: 128.740
Reason for Stop Loss:
76.4 % Fibonacci retracement and 76.4% Fibonacci extension
