I plotted the chart on the Fib grid to analyze support and resistance
levels. As you can see here, $95 ( 38.2% retracement
) has been the strongest near term support, followed by $101 ( 50% retracement
). We had a fabulous week, finishing the week at $109, which corresponds to 61.8% retracement
. Note, last time it approached this level, it was sharply rejected, then was followed by a downtrend, until it found the support around $95. Next week is the key. If it is unable to break out, I expect another downtrend, heading toward $101, and possibly $95. I am optimistically cautious, however, as MACD
demonstrates a bullish divergence
. Good luck everyone.