Latest Price – $159.90. Previous analysis updated – price has traded exactly as outlined, rallying before finding resistance and I now believe the next leg up has commenced.

Daily Chart

Pattern – an uptrend is clearly in play with price breaking the previous swing high before correcting. Price appears to have just put in another low with the next keg up now underway.

Fibonacci – the 88.6% angle provided solid support and saw price leap up to the 61.8% angle where resistance came in. A move back to the 76.4% angle saw the next level of support kick in and price should now get back up to the 61.8% as it continues to trade higher.

Horizontal line – denotes the first high in this new uptrend and as previous highs often provide support in the future, so too did this high with the recent low coming in at this level of support.

Moving averages – still in a bearish position but they have come together and I believe a bullish crossover is imminent.

RSI – just moved into strong territory.

Monthly Chart

Pattern – I believe an ABC correction is in play with points A and B already in place with price tracing its way to a wave C high.

Bollinger Bands – price found initial resistance at the upper band but I doubt it will get back down to the middle band. Instead, I favour price to continue higher as it pushes higher into this upper band

Fibonacci – price has found resistance at the 61.8% angle but I expect this to be temporary only as price pushes higher and up to the next area of resistance from the 50% angle. I am targeting price to clip the 61.8% retracement level of the move down from the 2016 high. This level stands at $192.96.

RSI – looking strong.

Summing up – the current uptrend is looking solid and I expect it to continue higher over the coming months.

By Austin Galt

www.thevoodooanalyst.com

Austin Galt has previously worked as a stockbroker and investment banker while studying technical analysis for over two decades. He is also the author of the book White Night: A Colombian Odyssey

Email - info@thevoodooanalyst.com

My website is www.thevoodooanalyst.com

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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