Strong buying interest this morning as shown by the volume distribution chart has caused a price surge to filled the upper gap resistance. A strong breakout above the red channel resistance will propel price to next resistance at the 23.6% Fibonacci retracement and upper Bollinger Band around 24.5 cents. A very strong buying sentiment must prevail to challenge the peak at 28.5 cents. Take note that if buying interest declines a pullback to 50% Fibonacci retracement at 20 cents is imminent.
No comments:
Post a Comment