LINCOLN
retraced till 23.6% FIB level and appears to be taking support now. RSI has also bounced up from 40 and is now above 50, aka in the bullish bias zone. Interestingly, the support zone is right at a previous high.
Risk is limited as a failure to hold the 23.6% level or the previous high can negate the view. The pharma index,
CNXPHARMA
, saw good support today and RSI has bounced up from 60 which might indicate that the sector is readying for the next leg of its bull run.
Comment:
Consolidating within a narrow range of 3%. Could be preparing for a big move on either side.
Comment:
Big move happened. Now +5% conservatively.
