3-Day Analysis:
Big Picture: After numerous efforts to surpass 92 failed, SOL prompted massive profit-taking. It’s worth noting, though, that the 3-D Demand Zone, which stretches from 80 to 65 region, is still holding strong. Every time SOL hits this zone, a massive reaction is seen, indicating that demand is still present.
On Downside the day’s initial support is seen at 77, followed by 72. If this is broken, it will lead to 65. However, it is critical that SOL immediately begins to rise, or else this demand would dry up, exposing 58 and 45 as the next significant supports.
On Upside 85 is the initial intraday resistance level, followed by 88. SOL, on the other hand, has to break and maintain above 92 to run aggressively. Doing so will open 96 and 100 as next targets.
