Watching $X around 54.80 for consolidation

Been keeping an eye on $X today, hovering right around that 54.80 level. It's been a pretty tight range after the move up yesterday. What I'm looking at now is whether it can consolidate here and build a base for another leg higher, or if this level starts to act as resistance. A close significantly below say, 54.50, on decent volume would likely invalidate the constructive view I have for the short term, suggesting a retest of lower support might be in the cards. Just my current read, always open to being wrong.