Short
SAR Buy at Fib Retracements
[13 Nov 2020 - BEARISH]
1. It looks good, we see good volume coming on monthly chart. it's been overbought on monthly and weekly charts at 200 MA (Monthly)
2. Currently, it's already overbought and on its highs. We should wait for at least 50% retracement that would be around $3.68 price . Best is if it retraces 60% at around $2.93 price range.
3. We can verify same with Fib Retracement:
a. currently hovering around 0.236 ($5.34).
b. 0.5 Fib level is best buying zone at $3.78 price zone.
c. 0.618 Fib level is ideal buying zone at $3.08 price zone.
4. Same Fib levels are complemented by Volume Indicator:
a. we see high volume at price 3.68 (0.5 Fib) and 2.97 (0.618 Fib)
Please note these are my own notes for future reference, by no means trading advise for anyone. Please do your own research before entering into any trade.
1. It looks good, we see good volume coming on monthly chart. it's been overbought on monthly and weekly charts at 200 MA (Monthly)
2. Currently, it's already overbought and on its highs. We should wait for at least 50% retracement that would be around $3.68 price . Best is if it retraces 60% at around $2.93 price range.
3. We can verify same with Fib Retracement:
a. currently hovering around 0.236 ($5.34).
b. 0.5 Fib level is best buying zone at $3.78 price zone.
c. 0.618 Fib level is ideal buying zone at $3.08 price zone.
4. Same Fib levels are complemented by Volume Indicator:
a. we see high volume at price 3.68 (0.5 Fib) and 2.97 (0.618 Fib)
Please note these are my own notes for future reference, by no means trading advise for anyone. Please do your own research before entering into any trade.
Note
Note
Price has been rolling over as expected, with Bearish Monthly Candles and a confluence of MACD Cross. Still expecting price to come down to the 50% Fib Retracement level of $3.68 or even the 61.8% level of $3.00.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.