Why is this consolidation probably different than the previous ones we've had in the past 7 months?
1. For the first time, we broke out of a consolidation to the upside in a while, with little or no resistance above this consolidation (little to no value from CMP all the way to 30k).
2. Bounced off of untapped 17-20k demand cluster confluenced with previous ATH.
3. Sentiment ultra-bearish at a place where downside is limited.
Expecting a squeeze to be the upside, provided we stay above the June-July'22 range.
1. For the first time, we broke out of a consolidation to the upside in a while, with little or no resistance above this consolidation (little to no value from CMP all the way to 30k).
2. Bounced off of untapped 17-20k demand cluster confluenced with previous ATH.
3. Sentiment ultra-bearish at a place where downside is limited.
Expecting a squeeze to be the upside, provided we stay above the June-July'22 range.