SOL-“Play the Levels”

30-Minutes Analysis:

Big Picture: Sol forms yet another converging triangle. It is once again close to the previous lows and is now reacting positively. However, for this optimism to be reflected on the charts, SOL must break over 68.30 in order to seek higher levels.

On Upside initial resistance is seen at 66 followed by 68.30 level. This is where 30-minutes EMA-100 is also seen which is likely to act as a resistance level. However if Sol manages to climb above these then a push towards 71 followed by 74 is likely to be seen.

On the Downside Initial support is seen between 63.70 and 62.90. Failure to hold this level once again opens the door to lower support levels at 60.80-60.30. On a shorter time period, this appears to be a good support, but if broken, 58 follows.