CAC: Fibonacci analysis


Scenario
Timeframe Weekly
Recommendation BUY STOP
Entry Point 4886.0
Take Profit 4910.0, 4955.0
Stop Loss 4870.0
Key Levels 4768.0. 4816.0, 4844.0, 4867.0, 4918.0, 4919.0, 4955.0
Alternative scenario
Recommendation SELL STOP
Entry Point 4867.0
Take Profit 4844.00, 4816.0
Stop Loss 4880.0
Key Levels 4768.0. 4816.0, 4844.0, 4867.0, 4918.0, 4919.0, 4955.0
The growth of the price is possible.
On the 4-hour chart the price rebounded from the level of 4816.0 (correction 23.6%) and is pointed to the beginning of the year’s maxima at the level of 4919.0. Still there couldn’t be enough growth potential, as the Stochastic has entered the overbought area and broke the upper border of the Bollinger Bands, so after the reversal the correction can develop to the level of 4844.0 (the middle line of the Bollinger Bands) and 4816.0.
On the daily chart the price has reached the middle line of the Bollinger Bands at the level of 4867.0. The price can consolidate above it, as the Stochastic is pointed upwards, and the price can move to the levels of 4918.0 and 4955.0 (correction 76.4% for the long term trend). Otherwise the price can return to the lower border of the Bollinger Bands (4810.0) and 4768.0 (correction 61.8% for the long term trend).
Trading scenario
The long positions are preferable, but open ones only after the price is set above the level of 4885.0 with the target at 4910.0, 4955.0. Stop loss is at 4870.0.
Alternative scenario
Sell the stock below the level of 4868.0 with the target at 4844.00, 4816.0 and stop loss at 4880.0.



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