RYCEY is approaching resistance at 11.94 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it could potentially reverse down to its support at 9.52 (horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 99%.
RYCEY bounced off its support at 10.246 (61.8% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 12.249 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) has bounced off its support at 2.17 where a corresponding rise could occur.
Price is in control of Quarterly Supply zone and reaction by market on that zone was proper, with created new Monthly and Weekly Supply zones. It is possible to look for price action signal on Weekly timeframe to short or wait if price retrace to Monthly Supply zone.
Very long time target is the opposed Demand zone.
Despite other stocks falling, due to turbulence in Trump's cabinet, ROLLS-ROYCE HOLDINGS CHXEUR:RRL made a 13% move up, on news of 2020 goals on target to be reached and that they are interested in powering any new mid-market jet. This is how fundamentals work, anyone who entered in a position in the low 800, now can make a nice take profit. Although, I think the...
Technical:
Price broke the strong S&R level which was the low of 2014.10.27 and the high of 2016.07.25. Now, bounced back to test this level making the low of 2018.02.05 before reaching the high levels. For 30 weeks, price is in the falling wage, resting on 50 fibonacci level and 200MA. As stated below, that need to hold long positions. Nice opportunity to add...
Large move higher today which is strengthening into the close. This has come at key support on both a price and relative basis versus the benchmark.
There is bullish divergence on the RSI also.
long @ £578.08
It could be advisable to enter in two positions, the 2nd one entering near the weekly support around £500 near X.
This is also where we have solid downside protection.
