Komodo Rush Is About To Start?

The overall trend of Komodo remains upwards since it doesn’t stop producing higher highs and higher lows. While the trend is bullish the support was formed at $1.5, which has been rejected for a number of times. Since then KMD/USD has shown new higher highs two times not to mention it stays above the 200 Moving Average.

Fibonacci retracement applied to the latest trendline breakout shows that Komodo also found the resistance at 227.2% level, that is $3.26, which has been rejected. Currently, a correction is taking place and could send Komodo back to one of the support levels, either $2.3 or even $1.5.

However, if it manages to break and close above the resistance the upside momentum should continue sending it as high as $7. At this price, three Fibonacci levels meet with each other.  227.2% Fibs applied to the highest high. 927.2% applied to a corrective wave after the first trendline break, and finally 727.2% applied to the corrective wave after the second trendline breakout. The bullish outlook should be canceled if Komodo will close below the $1.5 support.

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