PETRONM - Complete Cycle Fibo / Double Bottom?
PETRONM continues to decline and broke fibo level 2.618 which means it will continue to decline to complete the fibo cycle at 4.23.
If this scenario is correct, we will likely see a potential buying opportunity after the formation of double bottom along with the trendline retest.
First selling point would be at 2.618 fibo or by plotting fibo retracement at 50 or 61.8.
If this scenario is correct, we will likely see a potential buying opportunity after the formation of double bottom along with the trendline retest.
First selling point would be at 2.618 fibo or by plotting fibo retracement at 50 or 61.8.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.