Having closed yesterday at a price of $43 the price has seen buying momentum throughout the week as represented by the daily green candles.
When taking a broader picture, the golden lines present the swing low/ high points since the start of 2022. This shows an incredibly greater resistance to the short-term buying trends like those presented in the past couple days and a far greater bearish momentum.
The data present monthly Fibonacci pivot levels. Currently priced at $45.5, the stock is valued moderately within its middle, S2 support level (PP 0.618).
The middle bound; P value is equal to $62. Based on the current macroeconomic climate and the stock’s previous yearly performance, the overall trends presented are bareish in sentiment. Therefore, it is unlikely for the price to reach this level by the end of the week. It is highly unlikely to reach its resistance. I anticipate the selling candles to begin to resist the green buying candles however I anticipate the green candles to reach at least $47.8 before this resistance begins to occur.
Therefore, our target is bareish and we anticipate the price to strengthen towards a greater support level. The target is in line with this month’s Fibonacci S3 (PP1 Pivot level). We have set the purchase price as $47.8, this allows a reasonable P&L level and Risk/Reward level.
When taking a broader picture, the golden lines present the swing low/ high points since the start of 2022. This shows an incredibly greater resistance to the short-term buying trends like those presented in the past couple days and a far greater bearish momentum.
The data present monthly Fibonacci pivot levels. Currently priced at $45.5, the stock is valued moderately within its middle, S2 support level (PP 0.618).
The middle bound; P value is equal to $62. Based on the current macroeconomic climate and the stock’s previous yearly performance, the overall trends presented are bareish in sentiment. Therefore, it is unlikely for the price to reach this level by the end of the week. It is highly unlikely to reach its resistance. I anticipate the selling candles to begin to resist the green buying candles however I anticipate the green candles to reach at least $47.8 before this resistance begins to occur.
Therefore, our target is bareish and we anticipate the price to strengthen towards a greater support level. The target is in line with this month’s Fibonacci S3 (PP1 Pivot level). We have set the purchase price as $47.8, this allows a reasonable P&L level and Risk/Reward level.
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