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 74.01, which is in line with our 38.2% Fibonacci retracement and 23.6% Fibonacci extension and a further rise towards our 1st resistance level at 79.46 which is in line with our 127.2% Fibonacci retracement and 100% 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 70.86 which is in line with 78.6% Fibonacci retracement and 38.2% Fibonacci extension.
Trading Recommendation
Entry: 74.01
Reason for Entry:
38.2% Fibonacci retracement and 23.6% Fibonacci extension
Take Profit: 79.46
Reason for Take Profit:
127.2% Fibonacci retracement and 100% Fibonacci extension
Stop Loss: 70.86
Reason for Stop Loss:
78.6% Fibonacci retracement and 38.2% Fibonacci extension.
