The level of 345-350 has acted as Support & Resistance multiple times in the past dating back to 2014. Today's (12.17.2020) intraday chart shows the stock hit this zone for three hours during the day and just couldn't breach it. What followed was a major correction in the last hour of the day. Will bulls be able to breach this crucial zone? Or will bears win this time again and take the stock down? We'll be watching.
In the meantime, it would make sense to book some profits for the longs.
In the meantime, it would make sense to book some profits for the longs.
Comment:
Bulls have managed to bounce off from the 350 resistance zone with very high volume. Looks like the break out is going to continue the bull run further up from the 400 zone.