SOL- “Strong Supports Insight”

4-Hour Analysis:

Big Picture: Sol failed to find momentum over the intraday resistances once more. Profit-taking was sparked by multiple failures, which led Sol to the support area. Currently holding the supports, but further downside extension towards 96-95 appears likely. Furthermore a double bottom formation could be observed.

On Upside the price is being held back by first resistance near 103. If this is broken, the upside might be extended to 107-109 once more. Above the levels of 111-113.50, the bullish domain exists. Sol must retake this territory before any new round of excitement can be sparked; until then, expect choppy price movement.

On the Downside we have solid horizontal support and trendline support at 101-99 region that is currently restricting the slide. If these supports are broken, the price is likely to test the current lows of 96-95 once more. Positive reaction is expected from these supports, which might lead to the formation of a double bottom and the establishment of a local bottom.