4-Hour Analysis:
Big Picture: The bullish divergence did its role, triggering a long-awaited relief rally. Going forward, Sol must acquire additional momentum in order to convert this relief into higher time frames and spark a much bigger and more sustained corrective reversal. Failure to generate momentum may result in a dead cat bounce on this upside.
On Upside, The first intraday resistance is around 47.50, followed by falling channel resistance at 50.20. Sol must recapture these levels in order to gain greater strength and strive for the 58.80 area. This barrier around 58.80 is critical for further upside movement towards the 70-72 level.
On the Downside Intra-day support is presently at 45.20, followed by 44. 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.
