The bounce off the 61.8% Fibonacci retracement support was key and a great sign for the bulls. The Average Directional Index (ADX), which measures the strength of trend momentum, is maintaining strength for the bulls.
Since the green positive directional index line did not cross the red negative directional index line the 61.8% level becomes a nice floor.
I am looking to buy on dips with a stop below the marked support level. New highs expected.
Happy trading!
Thoughts?
Since the green positive directional index line did not cross the red negative directional index line the 61.8% level becomes a nice floor.
I am looking to buy on dips with a stop below the marked support level. New highs expected.
Happy trading!
Thoughts?