BAL is currently in a bullish position due to the engulfing 8-hour candlestick pattern, coupled with a test of the first Fibonacci level. I anticipate that these Fibonacci levels will be broken since they lack sufficient strength to stall the price action. Furthermore, there is a notable bullish divergence, which further supports a bullish outlook for BAL. This risk to reward ratio is too lucrative to pass up on.
This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD , RSI , Momentum, and resistance/support zones combined with patterns.
This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD , RSI , Momentum, and resistance/support zones combined with patterns.