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Hehehehe... it's good. I went long this morning at 65, so yes, I'm having a slight loss, but nothing substantial.

Check this chart:

The orange line is the prevailing trend, which is a downtrend, no big deal here. If it breaks this trend, it will rise a BUY signal (as it did today)

The Fibos are an old theory that I'm placing into my TA, it states more or less (in the simpler words I can say :) ), when there's a drop or a surge in price, in this case from around 68.25 mid-may to around 45 a week ago, there will be three levels (at least) known as "fibonnaci retracements"

Those resistances (or supports in the uptrend case) are calculated as the 61.8%, 50% and 38.2% from the total retracement (why the numbers? if you're interested, I'll give you some links) in this case the retracement were of around 20 points (excluding some "noise", like the global low), so the retacements will be:

a) 50+(20*0.382) = 57.64 // or 70-(20*0.618)
b) 50+(20*0.500) = 60.00 // or 70-(20*0.500)
c) 50+(20*0.618) = 62.36 // or 70-(20*0.382)

I used 50 and not 45, because 50 was the close at the absolute bottom.

Those are "psicological" barriers, so, if the stock breaks those prices, then you can rise the BUY signal.

What do I expect technically?

If this run consolidates, around 20 more points. If it does not, then a retest of the low 50s level.
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