Looking shorter term on a daily bar and inserting a negative Fibonacci retracement we can see some possible trading levels of support and resistance. The major level of resistance is still the 200 day ema purple line at 35.39. Support at 33.80 and 32.26. A way to trade this on the long side would be to place a Buy order above the 200 day EMA of 35.39 as a break above this line will be bullish. Otherwise using this level as a STOP to initiate a short position. Next we'll take a look at the Pivots to see how they match up to these levels.
Created with ProphetCharts®
No comments:
Post a Comment