The most significant fibonacci retracement level to watch for is .618, which tends to be the maximum pullback zone where fear climaxes as the final sellers throw in the towel and bargain hunters rush into the stock to resume the UPTREND. So far that retracement level is holding pretty tight and another wave could be just around the corner. If it breaks then we are going down to test .78. RSI is looking stable and seems ready for next big wave, MACD 4h chart is about to have a bullish cross. weekly chart have the biggest hammer I've seen, won't sell lower than 200 $.
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Cup and handle pattern confirmed. Bullish breakout from the handle.
Good analysis. Was watching this one since yesterday and closed out my short when i saw we had maintained the 94-95ish area whilst breaking out of the descending channel.
Needless to say i am glad that i switched from bear to bull.
Seems like we are in a symmetrical wedge pattern, this could turn into a bullish breakout or a bullish breakout. This pattern often leads to a volatile directional move.
Needless to say i am glad that i switched from bear to bull.