Monaco has recently shot up in price and is now is the overbought section of the RSI which could indicate that the market is expecting a reversal in price. We have set some nice support and resistance lines that both correlate with the Fibonacci levels, for instance, the primary support (1st) fits tightly in range with the 50% levels on the Fibonacci, you should expect a short-term decrease in price back to these levels were the prices are most likely to consolidate before another trend upwards.
As always trade the lines accordingly.
- Orange - Resistance.
- Pink - Support.
As always trade the lines accordingly.
Comment:
Resistance was broken.