There are a few reasons to hold these levels: 38.2% retrace of last rally is at 23.5. Upward pitchfork I suggested yesterday had support at 23.5 yesterday and today 24. Horizontal support tested and held at 23.5 six times (!)
But the hourly chart I posted yesterday failed to break up on volume. It has in my mind broken the recent downtrend and moved into neutral, but without volume it seems stuck. Maybe retesting the break yesterday... but all on light volume which means little. However, today the 15minute chart is suggesting a move in one way imminent with bollingers contracted and pinching. Maybe not until tomorrow.
You could buy at support at hope support holds which is what I did yesterday. Or you could play it safe and wait for volume to get above 3 million and break the downtrend in volume before you make a move.
hard to say !
Add to My Watchlist
What is My Watchlist?