recently broke a support level
at 837.61 and has also closed outside of the bollinger bands
for the past 2 days. This stretching of the bands indicates that the price will continue using this bearish
momentum for a bit before snapping back and reversing. The support levels that the price will reach next are at 765.81 and 679.56. These price levels were used in the past when the price was consolidating in a tight channel. Pairing these with the 61.8% fib retracement that one of these support levels lies on, this indicates a possible point of reversal/target price for the bearish
push. If this price level is broken and the bands continue to be stretched, the price will most likely reach the EMA
(200) before approaching the final bearish
target at 491.56. If the price reverses after the first bearish
target, during the reversal the price is expected to reach the resistance line of 837.61, the price level that the price most recently tested. This price is also around the area of the longer term 38.2% fib retracement level. If the price closes above this, the resistance level
and fib retracement level that follow are the shorter term 38.2% fib retracement and 981.29 resistance level
Important Resistance Levels: $1,216.77, 981.29
Important Support Levels: 837.61, 679.56, 479.59
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CONFLICTS OF INTEREST
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Senior Research Analyst