I haven't placed a trade in a couple weeks now.... I want to get a fresh perspective on where we are and where we might be heading using simple chart analysis with fibonacci retracements. From our recent high to our recent low, we are currently sitting slightly above the 50% retracement level.
Looking at the next levels, I see resistance @ ~$686 (.618 retracement level) and support @ $635 (.382 retracement level).
I am also seeing a potential BULLISH pennant pattern.... If this breaks the pennant (which is already has) I would expect the price to reach our resistance level of $686.....
If the price breaks $670, ill be very interested in entering a trade.
Goal would be to enter around $665-678 and sell around our resistance level of $686.
I would make sure to have a 2.5% stop loss in place at $653.
Such a large pennant and you're going to bet on a tiny move from $670 to $686 if it breaks to the upside?
ampomerantz
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hey. call it luck but my analysis worked... I got out around $684 two weeks ago. Whats wrong with the large pennant? why is a $16 move tiny? 2% move.... using leverage... I like it! Let me know your thoughts... Thanks.