Golden Zone retrace for Centrica?

17 Tem 2020

I've had August marked off as a significant pivot low for a while now and Centrica fits in with this narrative. My current trade plan for Centrica is a GZ play and I'm patiently waiting for the correction to conclude. As you can see I have this as a flat correction and I am waiting for a matching move to bring Centrica down to the 34 pence region. There should be a reaction at the 0.618 as this has provided historic support and resistance (as well as having confluence with a possible Elliott Wave count). If this plays out a tight stop can be placed below the GZ and target the range highs or something more. If price breaks the current range then be prepared to adapt. Good luck if you are trading Centrica!