Fib retracement to 72 level, rebounce at this level very likely!
Hello everyone,
We experienced a 25 percent dump today right on the 0.618 fib retracement a descent to 72 . At this level we are experiencing long wicks on the 4 hrs chart which indicates that the traders that took profit are starting to buy back. A rebounce at this level is very likely. If not, next resistance should be the 200 MA which is standing at 65.4 level. In any case we should not forget that we are in a bull run and this kind of retracements (25 percent ) are very common in order to have a healthy growth forward.
Thanks
We experienced a 25 percent dump today right on the 0.618 fib retracement a descent to 72 . At this level we are experiencing long wicks on the 4 hrs chart which indicates that the traders that took profit are starting to buy back. A rebounce at this level is very likely. If not, next resistance should be the 200 MA which is standing at 65.4 level. In any case we should not forget that we are in a bull run and this kind of retracements (25 percent ) are very common in order to have a healthy growth forward.
Thanks