SOL – Partial Relief Expected

1-Day Analysis

Big Picture: As expected SOL reached major confluence based support region and produced a bounce. This bounce is likely to be treated as a result of aggressive short coverings and not as a bottoming zone. However partial relief is likely to be seen before any lower leg on the downside. 110-115 test could be on cards here.

On Downside 80 acted as a strong support. This level of support is likely to hold for the day. However it’s unlikely but if selling is observed and 80 is breached then 65 will be the next level of crucial support.

On Upside 92-96 level is capping the upside as EMA 50 hourly is present here followed by 1-H range mid-point. Ideally some consolidation here and then break above this level would open 104 as next 1-H local range Top. This level is likely to act as Top for the day.