one thing to notice was how large the was on November 26th ending with an important bull victory.
The has a if you look closely. Not sure how high it will be but it looks like a large from the weekly chart and will likely another critical point of 57.00. If bulls win that battle then potentially another large breakout will ensue. If not it may be a reversal.
Fortis entered a correction based off somewhat weak-ish earnings report as well as a bought deal financing. Typically, a bought deal financing results in a sharp drop as it dilutes shareholders - eventually though, it bounces back.
I see a touch off lower fib around 51.65 to fully close the gap then a wave higher.
Not oversold quite enough over the 5 daily period to buy right now IMO. I see a retrace like I said to a lower fib of 51.65 which would put buys around 51.70.
How are you drawing your fib retracement? I'm still quite new to trading in general and fib retracements, so I'm not quite following the 51.65.
The latest earnings report wasn't great for Fortis and their latest bought deal (increase of shares) dilutes shareholders. Typically anytime there's a bought deal finance to increase shares for raising money for any stock or equity, its bearish, hence why this will likely drop to at-least the lower yearly fib border of 51.65.