Huge false break to the 61.8 Fib level
The news about 888 buyout (and later the news about the proposal failure) made the stock spike above the weekly 61.8 Fib level, which was also a major structure resistance zone.
Currently 888 still finds support on a small weekly structure zone (140-150), but judging by the daily price action, we could see the price breaking this support zone in the near future.
The confirmation will be below 135
Potential targets are the previous lows and the 200 SMA line
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Currently 888 still finds support on a small weekly structure zone (140-150), but judging by the daily price action, we could see the price breaking this support zone in the near future.
The confirmation will be below 135
Potential targets are the previous lows and the 200 SMA line
If you like this analysis, sign up for the Weekly Markets Analysis newsletter (free) - themarketzone.net
If you want to take your trading to the next level - Join the Elite Zone
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