GFM has made a significant advances above a strong 10 -years DTL , however found resistance at 0.48 and made a return move to Support level at 0.31. We notice a buying momentum persist above the support area , hence upside movement could continue, immediate hurdles are at 0.37 (R1) and 0.445 (R2). Price movement above resistance at 0.48 could push the price higher to our Fibonacci target at 0.74. The entire correction could have ended as buy signal seen on daily Stochastic on oversold area.
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Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only
Note
Hit R1, price retraced. Structure remains BullishNote
The price hit resistance R1, however met reversal as support at S1 violated
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