The good: Bottom of the triangle is holding, basically to a t. This means despite the sudden dip we're still within safe territory, and will probably see a $2-$5 rally sometime in the next day or two.
The bad: We've fallen through both of our higher supports. Even worse, $55.60 has turned from a support into a resist. That sucks, but at least it's still short term thus far.
What to look for:
If we break and hold above $55.60 expect a rally.
If we break and hold below $53.70 we risk going back down to $50.30. From there we might stabilize or things might get worse. But if that happens we won't get bullish movement for a while.
Personally? I expect to see another few dollar rally in next day or two (maybe three). The fact that we're staying perfectly within the triangle means we'll likely go back up as we search for equilibrium. There are going to be more of these swings until the market figures out where it goes and we have a hard break up or down. So expect multiple dollar swings until this is resolved.
There's also an interesting pattern forming that looks quite like the rally from two days ago. But I'm not a pattern trader, so it's not something I'll put a ton of stock into. But if we dive down to $53.70 in the next three hours, then spike back up we could get another rally.
The bad: We've fallen through both of our higher supports. Even worse, $55.60 has turned from a support into a resist. That sucks, but at least it's still short term thus far.
What to look for:
If we break and hold above $55.60 expect a rally.
If we break and hold below $53.70 we risk going back down to $50.30. From there we might stabilize or things might get worse. But if that happens we won't get bullish movement for a while.
Personally? I expect to see another few dollar rally in next day or two (maybe three). The fact that we're staying perfectly within the triangle means we'll likely go back up as we search for equilibrium. There are going to be more of these swings until the market figures out where it goes and we have a hard break up or down. So expect multiple dollar swings until this is resolved.
There's also an interesting pattern forming that looks quite like the rally from two days ago. But I'm not a pattern trader, so it's not something I'll put a ton of stock into. But if we dive down to $53.70 in the next three hours, then spike back up we could get another rally.