GH
: Price pullback to previous breakout level around $112. Currently testing the lows prior to the breakout, which is a good support zone (support and resistance).
The level that price is currently testing also happens to be the price of the 61.8% Fib. retracement @ $98.20. This would be a good support zone for price to consolidate before the next move higher (Fib. ret)
S/L is placed below its prior lows, which is wide taking into account current market sentiment;
T/P is at the 1.382 Fib ext level, coinciding with the 1.618 Fib ext of the current retracement ( 21Jan 21 - current).
This is a swing trade after a deep retracement of the price. Will monitor price as markets could turn sour and test the 76.4% retracement levels, or even the low of $55.75