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Watching $XYZ Around $77.66 for a Breakout
Been keeping an eye on $XYZ today, particularly the $77.66 level. It touched that earlier as a low and bounced pretty hard, now up to $78.83. I'm wondering if a retest and hold there could signal some strength for a potential move higher, maybe back towards that $81.04 daily high. The risk, of course, is a clear break below $77.66 which would invalidate the idea for me and suggest more downside.
1 comments · 1 points
I'd be careful with calling the prior low a breakout level. Often, if a level has already been tested once, a retest can lead to it being broken rather than holding as support, especially if the broader market is weak.