Hello guys,
On the chart indicates a price range between the high at 13894.1 and the low 13005.5 price levels.
We have used Range Doubling (Range squaring) to project the levels we can expect forward as price has advanced passed the top of the range.
In the extension we have the 0.382 level to offer a midterm resistance resetting the price back to the 0.236 or a retest of the top of the range at 13894.1. Extended target can be projected to the 0.618 level of the top range at 14461 / 14486 levels.
The 0.618 level of the second range at 14461 coincides with primary resistance levels from the crash low on 19th March 2020 and the correction low from 30th October 2020. We expect to have a correction at this level, however, the primary target is a level above 15700.
Manage risk responsibly, stay safe and good luck.
On the chart indicates a price range between the high at 13894.1 and the low 13005.5 price levels.
We have used Range Doubling (Range squaring) to project the levels we can expect forward as price has advanced passed the top of the range.
In the extension we have the 0.382 level to offer a midterm resistance resetting the price back to the 0.236 or a retest of the top of the range at 13894.1. Extended target can be projected to the 0.618 level of the top range at 14461 / 14486 levels.
The 0.618 level of the second range at 14461 coincides with primary resistance levels from the crash low on 19th March 2020 and the correction low from 30th October 2020. We expect to have a correction at this level, however, the primary target is a level above 15700.
Manage risk responsibly, stay safe and good luck.