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Here's another chart for you!It includes key Fibonacci...

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    Here's another chart for you!
    It includes key Fibonacci Retracement levels (multi colour horizontals) and the Trading Channel (blue diagonals) again using Fibonacci ranges, I've also included the 200 moving average and lastly I've got a divergence indicator along the bottom which is always handy to help pick turn around points.

    Evident take aways from what we see are:

    The large engulfing candle at the end is fantastic but we are still in a clear down trend.
    There alot of downward selling pressure after we broke below the 200 day moving average on 21st June.
    After falling away from the high in February 2021 the price has respected many key Fibonacci levels.
    - On the diagonal Trading Channel after any price spike the price then slowly falls back to touch but not break the 0.50 downward channel
    - On the horizontal Fibonacci Retracement levels the price "flirts" with each key level (0.618, 0.50 & 0.382) for a week or two before then falling away to the next level below.

    Things to now look out for are:
    The large engulfing candle has put us back above both the 200 day moving average and the 0.382 Fibonacci Retracement level, will we be able to hold this?
    If we cannot hold the above mentioned levels then it will be highly likely that we will find support around the next Fibonacci Retracement level below, the 0.236 level which is around 0.046c
    If we instead do hold the level we are sitting at now and push up from here then it means we have broken out of this downward Trading Channel.



    Last edited by globetrotter79: 26/06/21
 
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