Another stock which reached a long term 2.618 finonacci extension level, it's NYSE:HON. There are two additional signs for top formation. First, the fibonacci extension coincides with a rising resistance line. Second, the RSI shows a extreme overbought level, last seen in 2007. However, in 2007 NYSE:HON set its top a little higher and a few months later.
Entering a speculative short position should be combined with a tight stop, or just wait for confirmation.
Entering a speculative short position should be combined with a tight stop, or just wait for confirmation.