It's hard to define exact levels of resistance around this area, but we seem to have a descending wedge into strong support here in the $210s, which should result in snap back up for a correction. After that is anyone's guess, but I'm still leaning toward a long term bear market.
Given the oversold condition, I would say a snap back to the $240s is likely. There was a good breakdown trade opportunity at $235, but I missed it. That said, I think there will be more shorting opportunities in the future. Volume is nothing spectacular at this moment, so we should see a break in the selling soon.
Given the oversold condition, I would say a snap back to the $240s is likely. There was a good breakdown trade opportunity at $235, but I missed it. That said, I think there will be more shorting opportunities in the future. Volume is nothing spectacular at this moment, so we should see a break in the selling soon.
