Price is facing bullish pressure as it continues to hold above the ascending trendline support. We could see price bounce at 1st support at 151.515 in line with our 38.2% Fibonacci retracement and 38.2% Fibonacci extension to further upside towards 1st resistance at 152.226 in line with 127.2% Fibonacci retracement and 50% Fibonacci extension. Our bullish bias is further supported by how MACD is holding above the 0 line. Otherwise price might bearish to 2nd support at 150.562 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.
Trading Recommendation
Entry: 151.515
Reason for Entry:
38.2% Fibonacci retracement and 38.2% Fibonacci extension
Take Profit: 152.226
Reason for Take Profit:
127.2% Fibonacci retracement and 50% Fibonacci extension
Stop Loss: 150.562
Reason for Stop Loss:
61.8% Fibonacci retracement and 61.8% Fibonacci extension.
