Beginning with the downtrend from 23 July 2020, we have final support at 29 Oct 2020. Using the Fibonacci retracement, we can CLEARLY see the retracement levels being tested as support and resistance.
Furthermore, a breakout has already occurred from 15 Feb 2021, suggesting bullish momentum, where retracement levels are being tested again.
I'm not entirely sure what the final target level would be, but looking at the fundamentals of the company also, this could most certainly reach 1.618 Fib level.
Looking at what the company does, it definitely does seem like an opportunity and as such, I have gone long.
Thank you for reading this, please leave me any comments including suggestions/tips for improvement, or anything I may have missed out.
Furthermore, a breakout has already occurred from 15 Feb 2021, suggesting bullish momentum, where retracement levels are being tested again.
I'm not entirely sure what the final target level would be, but looking at the fundamentals of the company also, this could most certainly reach 1.618 Fib level.
Looking at what the company does, it definitely does seem like an opportunity and as such, I have gone long.
Thank you for reading this, please leave me any comments including suggestions/tips for improvement, or anything I may have missed out.
Comment:
Let's see if the 0.618 Fib level starts acting as resistance.