SOL – “Partial Profit-Taking is likely”

4-Hour Analysis:

Big Picture: Once 92-93 level resistance was taken out a huge reaction was seen that took SOL to as high as 103. Moving forward, there is a significant amount of opposition that must be overcome in order to maintain the level of excitement. EMA-200 4-Hour is resisting the upside at 101.50. Bulls need to take this level out to open further upside towards 104.50 followed by 110.

On Downside the initial support for the day is at 93, followed by 92. This previously strong resistance has now become a powerful support. As a result, this level is expected to operate as a solid support and prevent any further losses for the day. Losing this, although unlikely, will reopen 88-85 as next supports.

 On Upside Due to the presence of EMA-200 4-Hourly, 101.50 is considered as a big hurdle for the day. However, if the bulls win the fight, they are likely to set new targets in the range of 104.50-107, followed by 110. This level of 110 remains a critical level that, if broken, opens the way for a range expansion to the upside, with targets of 120-132-148.