This past week was excellent, hopefully next week will be better and with bigger move since the Fed is going to have a little party with us lol ![](https://resources.faireconomy.media/images/emojis/64/1f601.png?v=15.1)
Ok, let's get to analyzing..
After learning about the great Moving Averages (50ema, 100sma, 200ema) from our MA master 'Hakuna Matata', I have drawn my weekly fibonacci levels differently this week (weekly chart) and I will explain to you why.
As we know, Moving Averages provide Support/Resistance levels, so now have a look at the chart and see how nicely price reacted (I'm amazed!). Now let's add some Fibo's to our cocktail, the 200ema acted as a support (it barely touched it, but I'll take it as support) on 17/07/05 , now if you draw a Fibonacci retracement from this low to the high of 251.07
http://img405.imageshack.us/img405/1646/gjij9.gif
Now look at that 100sma and 50% level, they were both close to each other and price bounced off that area perfectly. I said last week 212 is next on the cards for GJ but I'll change it to 212-214, since our 61.8% fibo is at 215 and 200ema is just below it, 212-214 should be achieavable in the coming weeks/months.
Remember now, we have lots of supports to break before getting there.. I don't trade based on weekly charts, I just have them in order to have an idea of where price might go next.
![](https://resources.faireconomy.media/images/emojis/64/1f601.png?v=15.1)
Ok, let's get to analyzing..
After learning about the great Moving Averages (50ema, 100sma, 200ema) from our MA master 'Hakuna Matata', I have drawn my weekly fibonacci levels differently this week (weekly chart) and I will explain to you why.
As we know, Moving Averages provide Support/Resistance levels, so now have a look at the chart and see how nicely price reacted (I'm amazed!). Now let's add some Fibo's to our cocktail, the 200ema acted as a support (it barely touched it, but I'll take it as support) on 17/07/05 , now if you draw a Fibonacci retracement from this low to the high of 251.07
http://img405.imageshack.us/img405/1646/gjij9.gif
Now look at that 100sma and 50% level, they were both close to each other and price bounced off that area perfectly. I said last week 212 is next on the cards for GJ but I'll change it to 212-214, since our 61.8% fibo is at 215 and 200ema is just below it, 212-214 should be achieavable in the coming weeks/months.
Remember now, we have lots of supports to break before getting there.. I don't trade based on weekly charts, I just have them in order to have an idea of where price might go next.
Trade what you see, not what you think.