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$SI: Watching 21.00 for a pullback
I'm looking at $SI, the rally today is impressive, up nearly 8% and pushing through 21.00. We touched 21.01 briefly. The daily candle is very strong. However, I'm cautious about chasing here. This kind of explosive move often retraces somewhat, especially after hitting a key psychological level like 21.00. I'll be watching for a potential pullback towards the 20.50-20.70 area, maybe even 20.00 if momentum wanes. If it decisively holds above 21.00 for the remainder of the day and tomorrow's open, that scenario changes, and we might see further upside. But for now, I'm not ruling out a mean reversion play.
1 comments · 9 points
That's an interesting point about retracement after a strong move. Do you typically use specific indicators to confirm the pullback, or is it more about price action around those key levels?