Multiple supports at 62% of a retracemnt of a prior trend are common and very healthy trending behaviour.
The bad news is weve failed at the current short term trend support 4.1c(62% fIB)I hope this is not the 1st small crack in the overall trend as all the 62% retracements have held up to this point.(including the smaller 62% retracements within each trend! very healthy)
The good news is were at the 62% Fib of a slightly larger and perhaps more reliable trend, where it will be much easier to spot a turnaround, as its pretty much been in a free fall to this point.
should this current Fib support fail (on a close below 3.3) its likely to go all the way to 50% or (2.9c) of the overall trend beggining in OCT.
RCH Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
