GXShares Decision Point

GXShares Decision Point

GXShares trend remains bullish as price continues to produce lower lows and lower highs, and at the same time Fibonacci resistance levels are being rejected. However, today GXS/USD has reached 78.6% Fibonacci support level at $2.5, which has been rejected along with the 8/1 Gann Fan trendline.

Price produced the spike below the support reaching $2.38 low. While the daily closing price stays above that level GXShare could produce a corrective wave up, potentially reaching the resistance at $3.8, that is 61.8% Fibs.

But, if GXS breaks below the $2.38, the downtrend continuation will become the most probable scenario. In this case GXShares could drop towards the key phsycological support area, near $1.

Currently it looks like the low risk buying opportunity can be considered, with the potential stop and reverse approach.


Source: Read Full Article

Leave a Reply