So RIG has been on a huge surge upwards since the end of October, clearly creating some bullish momentum.
Recently the major resistance of USD 1.60-1.80 has been broken upward.
Now I'm looking for a retracement that will provide a good entry point.
Both the 0.318 fib (which for now already has created some support around USD 1.96-2.01) and the 0.5/0.618 fibs are areas to watch.
I'm inclined to say that the 0.5/0.618 fibs are more likely to be retested as they line up exactly with the former major resistance we recently broke (1.60-1.80 as mentioned before).
But we'll have to simply wait and see where a clear sign of support will be formed and then enter the market.
Recently the major resistance of USD 1.60-1.80 has been broken upward.
Now I'm looking for a retracement that will provide a good entry point.
Both the 0.318 fib (which for now already has created some support around USD 1.96-2.01) and the 0.5/0.618 fibs are areas to watch.
I'm inclined to say that the 0.5/0.618 fibs are more likely to be retested as they line up exactly with the former major resistance we recently broke (1.60-1.80 as mentioned before).
But we'll have to simply wait and see where a clear sign of support will be formed and then enter the market.
