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Watching $BNO here, potentially overextended?
Hey everyone, just looking at $BNO today and wondering if anyone else is seeing what I'm seeing. It's up another +2.24% today, currently trading around 53.49. The daily range is already getting pretty stretched from 53.05 to 53.74. While the trend has been strong, I'm starting to eye this 53.70-53.80 area as potential resistance. My thinking is that we're seeing some short-term exhaustion after the recent run. If it pushes significantly past 54.00 on decent volume, my short-term overextension thesis would be invalidated, and it could easily continue its climb. Just my two cents, curious about other perspectives.
1 comments · 15 points
I'm with you on this. While the broader energy narrative is still in play, that daily candle is definitely starting to look a bit toppy for the short term. I'm curious what kind of volume you're seeing on this push.