IOT/USD price analysis: IOT at first key hurdle; crossover needed for more rallies
- IOT at 23.6 pct retracement area.
- Needs to cross for further rallies.
IOT/USD has been facing stiff resistance above $2.00 mark in last few sessions - that's where the key hurdle lies, at $2.07 which is 23.6 percent retracement of its entire fall from January highs. A crossover and close above this would give thrust to the bulls to gain control of the prices.
IOT/USD is trading up more than 2 percent, right at the resistance level of $2.07. All that the bulls need is a little more push and they have a complete control of prices for the next few days to take prices towards next key areas.
Next key levels where this rally may find some resistance are around $2.50, earlier lower high and then at $2.78, 38.2 percent fibonacci retracement. Till then, its a one way upward journey that the bulls may enjoy.
IOT/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
