L Brands is a company which retails women's apparel and beauty products. This stock wich currently trades at $67.38 has experienced amazing gains since trading around $8 a year ago. It has been trading at least 30% above its rising 40 week moving average now at $41.50 since August 2020.
Can we expect to see further gains? The $53 level can be regarded as an important support level since it marks the Fibonacci 50% retracement level based on the entire $97.43 - $9.78 range going back to December 2015. This level also coincides with the rising trend support line marked on the chart in yellow. Upside potential is seen as high as $76.75 which marks the Fibonacci 76.4% retracement from the $9.78 low made in March 2020.
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