$CCIV Long From Retracement

3 февр. 2021 г.

Quite a simple one, yesterday we had a surge to $35.15 from the low of $19.98 last Thursday. There is a strong potential for the price the retrace to the 61.8% fib region at around $25.80 which is also coming up to the region of trend line interception. This offers a textbook opportunity to got long from $25-$26 with a target price of $39 which is just below the -27% fib point. Stop loss at $22.50 which is the weekly low, and roughly 10% below the trend line. If it hits that point, ceteris paribus, I think we we can agree that the trade is void. That is not to say that the price won't hit $39, but if it hits the SL, it may likely also hit $20 or lower which will be an even better opportunity to go long (when the price becomes bullish once again).