SOL-“Take Profits on Upside”

1-Day Analysis:

Big Picture: Sol has managed a decent upward bounce. This could, however, be due to short-coverings. Ideally, a consolidation phase would suit prices at these levels, which could be used for accumulation, which usually results in the formation of a strong and long-lasting momentum.

On Upside, a few strong resistances are approaching. The initial resistance level is at 53.20, followed by 60-63.50. If Sol can regain control of these levels, the upside can extend to 68, then 71 and 73.

On the Downside, the trendline support has been very strong over the last session. However, the initial support level is 49.10, followed by 43. Sol must hold onto 43 or else the trendline will be exposed once more, with a break leading to 20 and then 15 levels.