SOL – Watch Monthly Close

Big Picture: Constant rejection from Daily resistance level at 98 is not a good sign. Bulls need to show strength and give a convincing closing above 98 level in-order to escape selling pressure and drag SOL into neutral zone. On contrary Bears need to break 80 in order to open further downside.

On Downside 87 has been a strong support over the weekend. This level is acting as 4-H range bottom. However, breach of this level would open a re-test of Daily Demand Zone at 80 which could further extend towards 65 level. This demand zone is likely to limit any further fall for the day and potentially act as bottom for the Month.

On Upside 93 is intra-day minor resistance followed by 96-98 as a major threshold. Bulls need to break this level to regain control over atleast short term charts. Successful break and hold above this level would once again open doors towards a re-test of 4-H range Top at 104 level. However break above 104 leads towards 110-115 and eventually 120.