Thoughts on $CPI at current levels after yesterday's action
Been watching $CPI pretty closely the last couple of sessions, and it's interesting how it's holding up around the 25.60 area. Yesterday, we saw that slight dip, touching 25.58 at the low, but it bounced pretty quickly to close near 25.6047. To me, that suggests there's some underlying support or at least a lack of strong selling pressure right at this psychological level, despite the broader market's mixed signals.
My take is that as long as we can maintain above the 25.58 mark on a closing basis, there's a good chance we could see a retest of the higher end of yesterday's range, perhaps pushing towards 25.62 again. However, a decisive break and close below 25.58, especially on increased volume, would pretty much invalidate that short-term observation for me. Below there, the next logical support I'd be looking at is a fair bit lower, which would suggest a significant shift in sentiment. Just my two cents looking at the charts.
Yeah, I noticed that too. It definitely feels like there's some conviction around that 25.60 area. Are you seeing any higher volume on those bounces, or is it just a lack of sellers?