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Watching ATOM's retest of 1.58
ATOM has been interesting to watch today, specifically how it's interacted with the 1.58 level. It pushed above it, then dipped back down towards 1.52, and now it's making another attempt to hold above 1.58. For me, a sustained close above that level, ideally on some volume, would be a sign of continued strength.
If it fails to hold 1.58 and starts to trend back towards the intraday lows around 1.52, then that would invalidate the idea of this being a strong breakout and suggest more range-bound action, or even a push lower. I'm keeping a close eye on the volume profile on these pushes.
3 comments · 6 points
That's a super interesting observation. I'm still trying to get a feel for how to interpret these retests; do you generally find that the second or third retest is more indicative of a real breakout, or is it more about the volume on the retest itself?