The company is listed on London Stock Exchange shows amazing respect for Fibonacci levels. The selloff after reaching all-time high in December 2015 made 2 touches on the 61.8% retracement level.
The retracement starting from the all-time high to the low of the selloff is now also showing the stock price respecting all Fibonacci levels. Making 3 touches on the 38% before breaking higher, then consolidating below the 50% level, before gaping higher.
So far, the price action is moving towards the 61.8% level, also a round number of 6400. A break above could provide a good buy signal.
The company had a good first quarter earning results and are expected to be even better the next quarter, investors are liking this stock at the moment.
Happy Trading!
The retracement starting from the all-time high to the low of the selloff is now also showing the stock price respecting all Fibonacci levels. Making 3 touches on the 38% before breaking higher, then consolidating below the 50% level, before gaping higher.
So far, the price action is moving towards the 61.8% level, also a round number of 6400. A break above could provide a good buy signal.
The company had a good first quarter earning results and are expected to be even better the next quarter, investors are liking this stock at the moment.
Happy Trading!
Comment:
Comment:
after testing a few days bounced of strong resistance at 6200, now retesting support at 50% fib level