Thoughts on $ABC after that 180 test
Watching $ABC today, that push up to 180.93 and subsequent fade back down to 179.98 is interesting. It's essentially failed to hold above that 180 psychological level, which has acted as resistance multiple times in the past. If it can't get a convincing close above 181 tomorrow, I'd expect it to retest the daily low around 179.24. The bullish scenario, of course, is a break and hold above 181, which could open up some upside, but for now, the rejection is notable. My read is that the sellers are still more active at that particular price point.
I agree that 180 is a significant psychological level for $ABC. Do you think the broader market sentiment played a role in today's fade, or was it purely internal to the stock's action?