Multichoice - Retrace zone

Price has rebounded sharply off a low of R77.50

We now at the retrace zone of the major leg down.

Bulls will need to push through R88.50 to keep the momentum going . R90 will also be an important level to watch intraday to see how the tape prints around there.

NB High volume in last 30min of trading

The 61.8% retracement level is a key Fibonacci retracement level that is used in technical analysis. It is derived from the Fibonacci sequence and is also known as the “golden ratio” or “golden mean”. The 61.8% retracement level is calculated by taking the difference between the high and low of a price movement and multiplying it by 0.618. This level is considered significant because it often acts as a support or resistance level for price movements