The price has previously hit .46c and retracted to the .618 fib level in July -Aug 2018. It is now back at .46c and the rising channel is supported by the 50 day MA. Will it break thru or retract ? If it breaks thru with a strong momentum, we are looking at price making new highs, probably after a retest of the .46c level.
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A strong break thru the previous high happened today. I expect it to retest the .45c zone before it launches up.
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I think we may have to forget the restest ? :-) it is on its way.
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Haha !! spoke too soon. We have a bearish hammer candle today (12/09) with the highest volume traded in the last 20 days.
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Level .45c -.47c is the 50% fib retracement and the previous resistance, whilst .38c is the 61.6% fib and is close to the 50 DMA. Key levels to watch for a bounce back. Volume is quite heavy.
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Price has retraced to the 50% fib and is supported by the 50 DMA and the trendline. The 0.46 zone was also the previous resistance and we have a confluence of supports. This should hold...
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The .45 c zone is now resistance and price will need to break and close above that for the bullish trend to resume.
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