Stocks to Face Resistance at Higher Levels
Stocks have gotten a lift off lows and are drifting up to higher levels. We are currently seeing support from 4693. We will continue to have resistance from 4729, and it will take more momentum than what we are currently seeing to break new highs. A retracement could continue the sideways correction, bringing us back down to 4649 or 4632. We could easily retrace to these levels and not be considered bearish, just continuing the correction. There is a bit of a divergence between the price action and the Kovach OBV which is currently weak. It would be fomo to enter a long trade at these levels. Wait for a retracement to the lower levels mentioned above before placing any bids.
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