SOL-“Play the Levels”

2-Hour Analysis:

Big Picture: Sol is attempting to gain momentum once more in order to overcome the higher resistances. Unless a few key levels are reclaimed, the upside will be interpreted as a corrective cycle. Profit-taking is encouraged until then, since rejection off those levels will re-expose Sol to lower supports.

On Upside, Sol’s first resistance is at 53. Following that we have next strong resistance at EMA-100 is which is currently at 55.30. This EMA has been challenged many times this week, and each time it has stopped the gains and prompted severe profit-taking. This specific level has been limiting Sol’s progress. As a result, Sol would need to recover this in order to open more upside into 58.80 first, with a break leading to 62-64.

The Downside remains same with initial support level at 48.30. The next level of support is visible around 45.90, followed by 44.75, and finally 42.15. These pillars should protect Sol against further losses. However, if a massive sell-off occurs, Sol is likely to retest the trendline support at 36.25.