ALL - Will it Pullback?
After almost a 60% plunge in March 2020, due to the pandemic, ALL was well supported but still we could not get back to the pre-Covid levels up till now, and observing such Price Acton (Bearish Rejection Candles) on the Monthly Chart, I think that it is being rejected. I believe that its best not to FOMO and be mindful of the fact that it may be giving hints of some kind of weakness in Momentum and thi could lead to a decline in price value.
I believe that its overbought at these levels and it would be best to see it pulling back towards the Fib Retracement Zone of 50% - 61.8% between $15.00 - $20.00 which has been a significant level in the past, which was Resistance and later turned into Support and also the Base Trendline level (Confluence).
Please note these are my own notes for future reference, by no means trading advise for anyone. Please do your own research before entering into any trade.
I believe that its overbought at these levels and it would be best to see it pulling back towards the Fib Retracement Zone of 50% - 61.8% between $15.00 - $20.00 which has been a significant level in the past, which was Resistance and later turned into Support and also the Base Trendline level (Confluence).
Please note these are my own notes for future reference, by no means trading advise for anyone. Please do your own research before entering into any trade.
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