Price has retraced from the all time highs in May. We are now at the .618 fib retracement. This coincides with previous resistance which should now turn to support.
Price may fill the gap, hence my buy zone ranges from $71 - $66.5. I will look to add a small long from 71 and scale into the position if prices falls lower.
We saw buyers step back in on Thursday from 72.3 but price continued south on Friday possibly taking out some stops and reaching lows of 71.6. Price is oversold on the RSI and I believe we should head back towards $85.
Price may fill the gap, hence my buy zone ranges from $71 - $66.5. I will look to add a small long from 71 and scale into the position if prices falls lower.
We saw buyers step back in on Thursday from 72.3 but price continued south on Friday possibly taking out some stops and reaching lows of 71.6. Price is oversold on the RSI and I believe we should head back towards $85.