Multichoice - Retrace zone
Price has rebounded sharply off a low of R77.50
We now at the retrace zone of the major leg down.
Bulls will need to push through R88.50 to keep the momentum going . R90 will also be an important level to watch intraday to see how the tape prints around there.
NB High volume in last 30min of trading
The 61.8% retracement level is a key Fibonacci retracement level that is used in technical analysis. It is derived from the Fibonacci sequence and is also known as the “golden ratio” or “golden mean”. The 61.8% retracement level is calculated by taking the difference between the high and low of a price movement and multiplying it by 0.618. This level is considered significant because it often acts as a support or resistance level for price movements
We now at the retrace zone of the major leg down.
Bulls will need to push through R88.50 to keep the momentum going . R90 will also be an important level to watch intraday to see how the tape prints around there.
NB High volume in last 30min of trading
The 61.8% retracement level is a key Fibonacci retracement level that is used in technical analysis. It is derived from the Fibonacci sequence and is also known as the “golden ratio” or “golden mean”. The 61.8% retracement level is calculated by taking the difference between the high and low of a price movement and multiplying it by 0.618. This level is considered significant because it often acts as a support or resistance level for price movements
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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.