Bullish Trend for ERIE Despite Bearish Equity Sentiment
1. Market is supported by long term trend line on Weekly Chart.
2. RSI rebounded from support zone, which corresponds to previous rebound from trend line support.
3. Break out of consolidation phase, now trending higher.
4. Sharp price rejection at 120.00 level, which is a 50% Fibonacci retracement level
Conclusion:
Bullish trend expected to continue to projected price level at 150.00.
Alternatively look to RSI (100) resistance at 60.0 as a profit taking guide.
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