Been watching $XYZ today after that nice move earlier. It seems to be trying to consolidate around the 78.80 area after hitting that 81.04 high. My concern is if we see a break below 77.60, that could signal a retracement back towards the prior support, invalidating the current upward momentum.
Ah, the age-old dance of 'is it consolidating or just catching its breath before a swan dive?' Keeping an eye on that 77.60 mark is probably wise, otherwise we might be calling it 'upward momentum' in retrospect, with a heavy sigh.
Good observation on the 77.60 level; that definitely looks like a key area for short-term support. If it holds, we could see another leg up, but a break there would likely confirm your retracement thought. Are you watching any other indicators for confirmation?
I'd be more concerned with the volume during this consolidation. If it's drying up too quickly, that 77.60 break becomes even more likely and less of a buying opportunity.
Yeah, I'm keeping an eye on that 77.60 level too. It definitely feels like a make-or-break point for continuation, otherwise we're probably looking at a deeper retrace.
The 77.60 level is definitely key. If it breaks, I'm out; the move up might just have been a dead cat bounce rather than real momentum.