Watching $SI for continued momentum, but cautious on overhead resistance
I've been keeping an eye on $SI today, specifically its move above the 22.00 level. It's showing some decent relative strength, currently up around 4.40% at 22.06. From a technical perspective, if it can hold above that 22.00 mark into the close, it might signal a push towards the mid-22s. However, I'm pretty cautious around 22.25-22.50. Looking at the daily chart, that zone acted as a significant area of rejection multiple times in the past couple of weeks. A clear break and sustained hold above 22.50 would change the picture considerably for me, potentially opening up a path to higher levels. My primary concern, and what would invalidate this current positive outlook, is a failure to hold 22.00, especially if it dips back below that 20.70ish range which seemed to provide some support earlier today. That would suggest this bounce is purely intra-day noise rather than a meaningful shift.
Interesting point about the 22.00 level. Do you typically use that kind of close confirmation for your trades, or is it more specific to this stock's action today?