Technical Analysis of SPG 11-13-20

14 Nov 2020

Price has made a retracement and is looking like it will go higher. Normally when there is a strong move to the upside (or downside) there is a retracement to retest previous levels and a popular way to measure those levels is to use what's called the Fibonacci sequence to find those levels. A very popular level of retracement is the 61.8% level and if you look at the lines, price hit it and bounced right off of it. It went to the 38.2% level which is another key level and has met resistance. If it breaks the 38.2% level then it will probably go higher or pause when it gets to the previous high. If it breaks the previous high then it will go up further until it reaches the line at the very top which is a resistance line from a larger time frame.