SOL-“Range Expansion Likely”

4-Hour Analysis:

Big Picture: For the previous session, Sol remained range-bound because no significant move was noticed to challenge the ongoing range. This range, however, is expected to widen in the coming sessions. Power-showing over the EMA-50 is expected to favor bulls, who will then seize partial control of the trend.

On Upside The initial resistance level has been lowered to 100.45. This is resistance based on the EMA-50, which has been limiting the upside for a few days now. If Sol manages to break over this level, it will most certainly open the door to additional gains towards 103, then 107, and finally 110.

On the Downside at 97.30, a fresh intra-day support has developed. Following that, we have the demand zone at 94.50-93. This level has provided good support, and a triple tap bottom formation may be in the works. In order for the bottom to be confirmed, Sol must score more than 105. If this support is breached, the downturn is projected to extend to 90-88, then 84.