CEL Technical Analysis: Price Above the Fibonacci Pivot Point of $5.21, May Pass $5.41

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Past Performance

On Jul 10, 2021, CEL opened at $6.44. On Jul 16, 2021, CEL closed at $5.28. Thus, in the past week, the CEL price has decreased by roughly 18%. In the last 24 hours, CEL has traded between $4.91 – $5.45.

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Day-Ahead and Tomorrow

Currently, CEL is trading at $5.32. The price has increased from the day’s opening price of $5.28. Thus, the market seems bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is turning bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 88%. It faced rejection at 75% and rose to the current level. Hence, buying pressures are extremely high. Heavy buying activity will exert upward pressure on the CEL price.

However, the OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. Hence, the price may start falling.

In short, the OBV oscillator has given negative signals while the RSI and MACD indicators have given positive signals. Hence, the overall market momentum seems bullish. But, we have to wait and watch if the bullish momentum sustains or the bears take control of the market again.

CEL Technical Analysis

Currently, the price is above the Fibonacci pivot point of $5.21. The price may soon surpass the first Fibonacci pivot resistance level of $5.41. Thereafter, we have to wait and watch if the price continues to rise or starts falling again.

Currently, the price is above the 23.6% FIB retracement level of $5.32. It may soon breach the 23.6% FIB extension level of $5.58. By day close, if the price retests and falls below these levels, then probably a bullish trend reversal has occurred. In that case, we can expect the price to continue falling tomorrow as well.