I'm quite the advocate of using Support & Resistance Levels analyse price action.
Here I have used the Parabolic SAR to identify Period High & Low prices, then I plotted the Fibonacci Retracement.
There appears to be a move higher away from the Volume Weighted Average Price, suggesting to me that investors are Bullish on the future prospects of this share.
That being said, having Broken Resistance, I would expect prices to retrace over the next month or so, but not too much as to warrant taking a short position.
(Those fortunate few who bought around the periods low prices, may just be inclined to take some proverbial money off the table, as markets head into a volatile period).
My view is that once (and if) the price does retrace, I have little doubt that the Bullish sentiment will continue well into 2022, where it may look to retest the old support level it broke. (as indicated on the left of the chart).
* I'd strongly encourage identifying an Entry & Exit position before entering the trade. Once happy with your Risk Reward profile, then I'd think about Price Targets.
** Keep in mind that this is a Monthly Chart, so my analysis & outlook is based on a long term "Buy & Hold" strategy
*** I'm not a Professional & This is not Financial Advice.
Here I have used the Parabolic SAR to identify Period High & Low prices, then I plotted the Fibonacci Retracement.
There appears to be a move higher away from the Volume Weighted Average Price, suggesting to me that investors are Bullish on the future prospects of this share.
That being said, having Broken Resistance, I would expect prices to retrace over the next month or so, but not too much as to warrant taking a short position.
(Those fortunate few who bought around the periods low prices, may just be inclined to take some proverbial money off the table, as markets head into a volatile period).
My view is that once (and if) the price does retrace, I have little doubt that the Bullish sentiment will continue well into 2022, where it may look to retest the old support level it broke. (as indicated on the left of the chart).
* I'd strongly encourage identifying an Entry & Exit position before entering the trade. Once happy with your Risk Reward profile, then I'd think about Price Targets.
** Keep in mind that this is a Monthly Chart, so my analysis & outlook is based on a long term "Buy & Hold" strategy
*** I'm not a Professional & This is not Financial Advice.