Medium Term Time Horizon
Quite a struggle over the past 48 hours and some profit taking most likely the driver behind a successful weekend from the bears. Stoch RSI hovering around .2 level I am interpreting as sellers running out of momentum. We appear to be in early stages of consolidation around the $14.30 level which has me expecting bullish moves early in the week. Watching for a breakout above $15.50 that would become new support and setting stops @ $14. Thoughts?
Quite a struggle over the past 48 hours and some profit taking most likely the driver behind a successful weekend from the bears. Stoch RSI hovering around .2 level I am interpreting as sellers running out of momentum. We appear to be in early stages of consolidation around the $14.30 level which has me expecting bullish moves early in the week. Watching for a breakout above $15.50 that would become new support and setting stops @ $14. Thoughts?