NBSAlpha

Bullish Trend for ERIE Despite Bearish Equity Sentiment

Long
NASDAQ:ERIE   Erie Indemnity Company
1. Market is supported by long term trend line on Weekly Chart.
2. RSI rebounded from support zone , which corresponds to previous rebound from trend line support.
3. Break out of consolidation phase, now trending higher.
4. Sharp price rejection at 120.00 level, which is a 50% Fibonacci retracement level

Conclusion:
Bullish trend expected to continue to projected price level at 150.00.
Alternatively look to RSI (100) resistance at 60.0 as a profit taking guide.
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