SOL-“Symmetrical Triangle Pattern”

2-Hour Analysis:

Big Picture: Sol historically develops plenty of patterns, which have high hit rates as well. Sol has once more regained an all-important level at 53. This level has been functioning has a major support/resistance level lately. However, further strength is required of Sol to trigger a breakout above the triangle pattern and establish higher targets. Additionally, Sol is seeking to regain momentum in order to overcome the greater resistances. The rise will be seen as a corrective cycle unless a few key levels are recaptured. Profit-taking is suggested on strength.

On Upside, The initial resistance level is now identified at 54.20-55.0. To get higher, Sol must break over this falling channel resistance. Following a strong breakthrough over here, we may expect to see 58.80 as the next major level for Sol. Rejection of this level will reveal lower supports once more, but beyond that, another breakout is possible, taking Sol to 62-64 next.

The Downside The first support level is 53. This level is supported by EMA-100 and horizontal line. The next level of support is indicated at 50.60, followed by the bottom of the channel support at 49. This is an important channel that Sol must maintain or else 48.30 and 44.5 will follow.