SOL-“Symmetrical Triangle Pattern”

2-Hour Analysis:

Big Picture: Sol was denied at the falling channel resistance and fell below the crucial level of 53. Currently holding on to the triangle’s bottom channel support. Sol must maintain this channel to prevent further losses, as a break underneath it will expose lower-support levels.

On Upside, The day’s first resistance is noted around 50.05, followed by 51.10. Following that is the crucial level at 53, which now also corresponds with declining channel resistance. Going ahead, this will be an even more significant level for Sol to break for sustained upside. Reclaiming this level is expected to open 58.80 as the next upside objective, with a break above 58.80 leading to 62-64 as the next following targets.

On the Downside major support is at 49 in form channel support. The downside is shielded as long as this channel around 48-49 holds, but breaching it would trigger another sell-off into lower supports. However if this triangle breaks down then Sol is likely to re-visit lower supports at 45.90 initially followed by 44.50 and eventually 42.20.