SOL-“Momentum Required”

4-Hour Analysis:

Big Picture: Sol still struggling to gather momentum and is currently trading between intra-day support and resistance levels. For the time being, this consolidation favors bulls; nevertheless, a breakthrough of the falling channel is required to shift the tides completely in favor of bulls in the short run.

On the Upside the initial intraday barrier is still at 47.50, followed by falling channel resistance at 50.20. Sol must reclaim these levels in order to increase strength and aim for the 58.80 zone. This 58.80 level is essential for additional positive movement into 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.