After a massive rally, price has gotten into a correction recently. What the price does at the current support line would be a key development to monitor. If there is a bounce from support, the next question is, will the price clear the resistance at the red line.
The answer to these two questions would provide clue about the near term trend for the stock. Time to be cautious is my take for now. Let's wait for a few days to see what transpires.
The answer to these two questions would provide clue about the near term trend for the stock. Time to be cautious is my take for now. Let's wait for a few days to see what transpires.
Comment:
Price bounced from the support level identified and more importantly, has managed to clear the first resistance. Let's wait for the close to conclude if the resistance is indeed cleared. If so, I would be keen to buy on a retest of the broken resistance which would act as support.