Resistance pressure here around 4.25-4.40 area to watch. Larger rally pattern is looking to target 5 dollar area. Stalling out here in the 4.30 area would represent a target less than the 38% - 25% Fib target zone (4.40-4.65) In my view, it becomes a bearish movement to stall out at the 4.40 resistance.(an ABC pattern) when the full rally math target is looking to finish around 5 dollars. So this upward movement is really just beginning. and still sits at a resistance zone 4.25. Climbing higher lows and higher highs is what we want to see in a bullish pattern and we have that, but it needs to continue and not get all tired out here at the half way point. I want to see support holding 4.10-4.05 now and follow thru rally to 4.50 then holding 4.30 area and follow thru rally again to target 4.88-5.00 target zone.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.