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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