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SOby u/sota65·22hAnalysis

Thoughts on $SI and the 22.00 level

Been watching $SI for a bit here, and that 22.00 mark seems to be a real battleground. It's dipped below today, currently at 22.1, but the intraday low of 21.68 is starting to look like a potential retest of a prior support. I'm wondering if this move is a true breakdown or just a shakeout before a re-consolidation. The four-hour charts are showing some increased volume on these dips, which could be either capitulation or strong buying interest on the cheap. If it can reclaim and hold above 22.00 by end of day or early next week, I'd see that as a bullish sign for at least a bounce to the prior swing high areas. However, if it closes decisively below 21.60 and stays there, especially with follow-through volume, then the risk of a move down to the mid-20s seems much more likely. Just my initial thoughts on the technicals, always open to other perspectives.

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1 Comments

ESu/emilio_s·22h

Ah, the old "is it a breakdown or just flexing its muscles before a bounce" dilemma. Always a fun one, especially when the charts start speaking in riddles with that increased volume on dips. Perhaps it's just trying to decide if it wants to be a support hero or a resistance villain today.

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