Key Factors:
1️⃣ Technical Setup: The price has bounced off the 0.618 Fibonacci retracement level, historically a strong reversal zone. RSI is also pointing to bullish momentum.
2️⃣ Fundamentals: Increasing demand and reduced supply due to adverse weather conditions could further support price growth.
3️⃣ Historical Trends: Previous rallies from similar levels indicate a potential target near the 0.5 and 0.382 Fibonacci zones.
1️⃣ Technical Setup: The price has bounced off the 0.618 Fibonacci retracement level, historically a strong reversal zone. RSI is also pointing to bullish momentum.
2️⃣ Fundamentals: Increasing demand and reduced supply due to adverse weather conditions could further support price growth.
3️⃣ Historical Trends: Previous rallies from similar levels indicate a potential target near the 0.5 and 0.382 Fibonacci zones.
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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.
📈 6 years in the financial markets! Join my Telegram for exclusive insights.
Telegram Link: t.me/charts_M7M
Telegram Link: t.me/charts_M7M
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.