SOL-“Consolidation Expected”

4-Hour Analysis:

Big Picture: Sol is still struggling to find sustainable upside. The present price action indicates that it is still being pushed down by selling pressure. Any price increases are swiftly opposed and sold upon. To counteract the selling, bulls must maintain the supports and consolidate for a time before advancing to the upside. Bulls would benefit from consolidation at these levels.

On the Upside Sol is having difficulty due to the 4-hour EMA-50. Since mid-May, this EMA has been limiting the gains. Regaining this level will be an indication strength for Sol. The next resistance is at 47.50, followed by falling channel resistance at 50.20. Sol must recover these levels if it is to gain strength and reach the 58.80 mark. This 58.80 level is critical for further bullish continuation into the 70-72 range.

On the Downside Intra-day support is presently at 44.00. Following that, the next support levels are anticipated around the 42-40.40 range. These are very strong support levels that will most likely restrict any additional losses if tested.