is terribly over-bought. I do not believe it can sustain anything further and I see a dip at the moment.
There are couple of ways this trade can pan out -
A. If it falls it may find support @ the trendline around $1.87 which is the 1.618 fib level. If it falls harder it could find some support at fib level 1 ($1.23). The selling volumes are pretty low though.
B. It may get into a consolidation phase for a while. Look at the encircled portions in the chart. Everytime it hit an all time high it consolidated along that line sideways before making the next move. In this case it may go along the fib level 2 line and find support at the orange before making the next move.
C. If it manages to surpass the Orange on top, it may reach $2.7 (fib level 2.414). This is less likely at the moment in my opinion.
What the next move would be is difficult to predict. We'll have to wait an watch. However, I have a feeling (this is purely my assumption based on the past performance of the ticker) that it'd follow option B above.
Note: if you went in early then now is a great time to seek some portions of your profit. :)
Please feel free to revert with your feedback. Thank you!
The ticker has 2 hurdles in front of it. Fib levels 2.414 and 2.618. If it manages to close above fib level 2.27 then it may surpass fib 2.414 and may touch 2.618 as well. The profits to look for at these levels are $2.7 and $2.9 respectively.
At the moment the volumes are low and MACD is high. RSI has broken out and gradually moving into the over-bought range. It may not sustain this bullish trend post fib level 2.618, but nothing can be guaranteed. That said, if it manages to break resistance at fib level 2.618 then there is a high possibility of it touching $3.31. Watch out and good luck!
Thank you. This was a fun trade!