The price is close to checking back the uptrend line that started since March 2020. Coincidentally the price point that checks back the trendline is also 50% retracement of $195.50.
I am thinking we could get a bounce from $195 - $200 area. It could over shoot a bit to $187 area before any attempt at reversal. If reversal happen, we could see $230.
Could it fall through the trendline? Sure. In this market anything can happen.
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.
I am thinking we could get a bounce from $195 - $200 area. It could over shoot a bit to $187 area before any attempt at reversal. If reversal happen, we could see $230.
Could it fall through the trendline? Sure. In this market anything can happen.
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.