1-Hour and 15-Minute Chart Suggest a Strong Resistance Area.
1-Hour Chart (left) shows Fibonacci Resistance from September 12th HIGH to October 28 LOW.
The 23.6% area of the fib is right at $198 and change.
The 15-Minute Chart has Fibonacci Retracement from the openning of the earning day drop HIGH of October 22 to the LOW of October 28.
The current resistance area is right where we are right now - at upper $196.
While the next resistance area of the 38.2% is at $198 --> Which aligns with what we see in the 1-Hour Fib Retracement.
Next the RSI and MACD for the 15-minute chart suggest an overbought state, where we can drop from, or consolidate sideways.
However, the RSI and MACD on the 1-Hour chart still has some breathing space.
Therefore, I wont be surprised if we actually will reach the $198 mark.
Also, adding to this the Options speculations. If you would stack up the November 1st expiration CALLS ans PUTS - the $198 through $202 has strong acceptance window.
In addition, the MAs on the 15-minute chart have crossed over - TWICE. Waiting for the 20 MA to cross over the 150 and 200.
Bottom line, i see further upside, or at worst sideways consolidation.
The 23.6% area of the fib is right at $198 and change.
The 15-Minute Chart has Fibonacci Retracement from the openning of the earning day drop HIGH of October 22 to the LOW of October 28.
The current resistance area is right where we are right now - at upper $196.
While the next resistance area of the 38.2% is at $198 --> Which aligns with what we see in the 1-Hour Fib Retracement.
Next the RSI and MACD for the 15-minute chart suggest an overbought state, where we can drop from, or consolidate sideways.
However, the RSI and MACD on the 1-Hour chart still has some breathing space.
Therefore, I wont be surprised if we actually will reach the $198 mark.
Also, adding to this the Options speculations. If you would stack up the November 1st expiration CALLS ans PUTS - the $198 through $202 has strong acceptance window.
In addition, the MAs on the 15-minute chart have crossed over - TWICE. Waiting for the 20 MA to cross over the 150 and 200.
Bottom line, i see further upside, or at worst sideways consolidation.