Price is holding below the descending trendline resistance. However, we are expecting the price to be making a short-term bullish bounce as it is seen to bounce off the 1st support. We can expect the price to bounce from the 1st Support and ride the bullish momentum towards the 1st resistance in line with 61.8% Fibonacci projection, 61.8% Fibonacci retracement, and descending trendline resistance. Our short-term bullish bias is further supported by the MACD indicator where the MACD line cross over the signal line.
Trading Recommendation
Entry: 84.760
Reason for Entry:
78.6% Fibonacci projection
Take Profit: 86.999
Reason for Take Profit:
61.8% Fibonacci projection
Stop Loss: 83.571
Reason for Stop Loss:
127.% Fibonacci Retracement
