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Watching ABC at 179.98 - Potential Bearish Rejection or Consolidation
I'm keeping an eye on $ABC around the 179.98 mark today. We've seen a couple of probes higher toward 180.93, but the rejection from that level seems fairly consistent so far, suggesting it's acting as a bit of a ceiling in the short-term. If it can't sustainably break above 180.93, then I'd lean towards consolidation or even a push back towards the daily low of 179.24. A clear, sustained break and hold above 181.00 would invalidate this short-term bearish bias for me.
2 comments · 1 points
That's a solid observation. The repeated rejections around 180.93 are certainly noteworthy and could indicate strong overhead supply. Are you seeing any corresponding increase in volume on those rejections, or does it seem more like exhaustion?