Here is an update to our previous post:
What we can see is Sol did successfully start a strong rally from that $217 level all the way to almost $300. Now that we have had a pullback what should we expect next.
Well the first thing to take note of is the solid white line I had drawn in my previous post and is in my current post. This trendline ahs acted as a key S/R flip and was just recently tested with the low and holding as support. This is a very good sign for continued upside momentum.
The second thing to take note is the orange triangle I have drawn. This is the pattern that recently broke to the downside and made the move to the white trendline. Now if we are able to rally from the white trendline it is crucial to see how price reacts to that bottom orange trendline. It might be old support that is flipped into new resistance (which could lead to another move down).
Depending on when price might rally we might expect that retest to be somewhere around the $260 price point. But if we break this white trendline it could signal further downside in the short term.
What we can see is Sol did successfully start a strong rally from that $217 level all the way to almost $300. Now that we have had a pullback what should we expect next.
Well the first thing to take note of is the solid white line I had drawn in my previous post and is in my current post. This trendline ahs acted as a key S/R flip and was just recently tested with the low and holding as support. This is a very good sign for continued upside momentum.
The second thing to take note is the orange triangle I have drawn. This is the pattern that recently broke to the downside and made the move to the white trendline. Now if we are able to rally from the white trendline it is crucial to see how price reacts to that bottom orange trendline. It might be old support that is flipped into new resistance (which could lead to another move down).
Depending on when price might rally we might expect that retest to be somewhere around the $260 price point. But if we break this white trendline it could signal further downside in the short term.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.