Paramount is technically at the very high bullish levels on the 1D timeframe (RSI = 67.184, MACD = 49.860, ADX = 37.093) and just formed the first 4H Golden Cross since January 30th 2023. Being very close to the top of almost a 2 year Channel Down, this rise appears to be coming to an end. Being fairly similar to the Feb 1st peak, both in terms of % range (+65% against +60%) and timing on the 4H Golden Cross, we expect a similar pullback to on a 2 month basis. First target the 0.382 Fibonacci and 1D MA50 (TP1 = 14.25) and on the next bounce, the 0.618 Fibonacci (TP2 = 12.65).
## If you like our free content follow our profile to get more daily ideas. ##