50% Fibonacci hit, high volume recoveryLNR hit a 50% Fibonacci retracement from the high after March 2020 lows, at around 3pm
I am encouraged that after hitting 57.69 at 3pm the volume of the recovery from 57.69 to 58.76 close was very high. So, it wasn't just a drift upwards after the shorts cut out on a Friday afternoon to their weekend ski lodge.
This very unpleasant drive from around 64 to 57.69 was probably shorts pushing the price down to pick up cheap shares before the Q4-Yr End results due out March 9th.
There may be a little unpleasantness for the first hour on Monday if some margin accounts have to be repaired but after that I imagine we're clear for the upward momentum to continue.
This is all somewhat contigent on the outrageous war in Ukraine.
cleareye.