It's been fun to watch MOMO breakout from the massive 9 month cup with handle. Laying over the FIB fan you can really see how it makes moves and finds support at the key levels. Draw a fan from the cup's low to the cup's right side high and zoom in on the action that took place during the cup's right side formation. It is spooky how well it follows the FIB fan. So where will MOMO go next? I don't think it's going to fill in the breakaway gap. And since it's extended from it's 20 day and 50 MA I'd say it's going to wander sideways for a while between these key FIB levels looking for support; hopefully seeing $63 on 8/1.
Comment:
Holy moly. Almost closed the breakaway gap! Missed by $0.24. Finding great support at the 50 MA. Overbought conditions are fading. Let's see if it shook out all the weak buyers and holds at these levels.