Applying Fibonacci Analysis to MSTR

Carolyn Boroden, co-host of the Fibonacci Markets & Stocks service at EWT, got a request for an update in MSTR yesterday. Carolyn explains, "It just happened to be on top of key support yesterday when I ran the chart. We had a confluence of 4 Fibonacci price relationships here between 182.51-186.23. It included two 100% projections, a .618 retracement along with a .382 retracement. The zone was already being tested with a low being made on Thursday directly into this zone at the 185.81 level. Since this zone held, we were looking for buy triggers against this zone."

The first SWING trade trigger, she says, came in with the aggressive entry when the 8/34 ema crossed to the upside.  It has also triggered on the 30-minute chart.  

"We have rallied $31.81 off the cluster zone.  If we get the full move off this cluster zone, then target 1 is 238.39.  Target 2 is 252.70 and Target 3 is at 294.04.  At this point we would have at least a breakeven stop or better.  The setup is a bust if we break that same key support zone!"