4-Hour Analysis:
Big Picture: Sol maintained its bullish momentum by breaking above the EMA-200 4-Hourly and testing the 104.50 resistance mark. However, it is presently seeing some resistance at this level and may cool-off to 100-98. If this re-test is seen followed by bounce then SOL is expected to break above 110 in the next days, paving the way for a move towards 120-130.
On Downside the day’s initial support is at 100, followed by 98. These are re-test levels, but a break below them will most certainly lead to a re-test of the lower support trend line at 93-92. Keep in mind that this these levels are significant supports.
On Upside the initial level of resistance is at 104.50, followed by 105.20. A break over them, however, goes to the next resistance level of 107. 110 remains a critical key for SOL, as a break above it will likely open the door to a broad rally towards 120-132, then 148.
