1) Nano is currently sitting right above the .618 Fib. retracement line, which is one of the most significant and likely fib. lines for a bounce to occur off of
2) As we can see by the RSI, Nano has a history of bouncing off RSI levels of approximately 30 (which it is currently approaching and very close to)
3) Nano has a pattern of a steep increase followed by a slow bleed (look at my arrows on the RSI)
4) Nano bounced off the .618 retracement line on approx. March 10 (current candles + RSI are almost identical)
My take: I will be watching the RSI very closely and buying in at the first sign of a reversal.
Position = LONG!
2) As we can see by the RSI, Nano has a history of bouncing off RSI levels of approximately 30 (which it is currently approaching and very close to)
3) Nano has a pattern of a steep increase followed by a slow bleed (look at my arrows on the RSI)
4) Nano bounced off the .618 retracement line on approx. March 10 (current candles + RSI are almost identical)
My take: I will be watching the RSI very closely and buying in at the first sign of a reversal.
Position = LONG!
Trade closed: target reached:
did not bounce off .618 fib. Instead broke through and bounced off .786