Watching $BBL at 63.19 Support
Been keeping an eye on $BBL today, and it's certainly had a decent drop, currently sitting around 64.18, down 2.43%. The low for the day was 63.19. For me, that 63.19 level is pretty critical. If it manages to hold that support on this current leg down, there's a chance we see some consolidation or even a bounce back towards the intraday high of 64.63.
Now, if 63.19 breaks cleanly, especially on increasing volume, then my short-term outlook shifts to expecting further downside. Below that, there isn't a lot of significant support until well into the lower 60s, maybe even flirting with the high 50s. I'm not making any moves yet, just observing how it interacts with that key level heading into the close. Always good to remember that even strong support can give way if the selling pressure is persistent enough.
I'm with you on that 63.19 level being key. Are you seeing any increased volume around that point today, or is it mostly just a price action play for you?