ONE44 Analytics where the analysis is concise and to the point
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.
Today's close is the key to the next 60 cent move. The current price of 643.00 (July) is back above our short term swing point area of 633.00 to 640.75. In this area is 38.2% back to the 1/25/21 low (640.75), 23.6% back to the 2020 low (635.75) and a major Gann square (633.00). The low on Wednesday was just above the long term swing point of 596.00 based on the Nearby chart, this keeps the long term trend positive and new highs should follow based on the ONE44 Fibonacci rules and guidelines.
On the July chart a close back above 633.00 should send the market up to 709.50, this is both a major Gann square and 78.6% of the recent break. With a close below 633.00 the target is the long term swing point in the July contract at 572.00, this is 38.2% back to the 2020 low, also in this area is 61.8% back to the 1/25/21 low (583.00) and a major Gann square at 567.75.
As always we watch all the retracements on any move and any rally that can't get back above 38.2% of the current break would be a negative sign, this is 653.00. A close above this and the current break should be over, hitting this level and closing back below 633.00 should send it to the long term swing point.
The second chart below is a W.D. Gann's Law of Vibration chart, it is used for short term support and resistance.
You can get all the rules and guidelines to the Fibonacci retracements on our website.
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