Retracing to 38.2%. watch out for the gap!
Just a note before you read my analysis: I am fairly new to technical analysis and in the learning phase, would appreciate if you could point out my mistakes!
In the chart above, I took a look at the bigger picture to start with which was a weekly view, I determined the uptrend that started in Feb 2014, Then I turned to the daily chart and used Fibonacci retracement level to determine where we stand with the current retracement. I reckon the 38.2% level will be tested in next few days and If we can not make above it, we are going to be testing the 50% level soon. I will be out of this stock by then.
In the chart above, I took a look at the bigger picture to start with which was a weekly view, I determined the uptrend that started in Feb 2014, Then I turned to the daily chart and used Fibonacci retracement level to determine where we stand with the current retracement. I reckon the 38.2% level will be tested in next few days and If we can not make above it, we are going to be testing the 50% level soon. I will be out of this stock by then.
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