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$X testing $55 again, previous rejections make me cautious
Watching $X here, it's pressing into that $55 mark again. We've seen it hit this resistance multiple times over the last few weeks and get smacked back down. Each prior rejection led to a decent pullback, so I'm not exactly jumping for joy here.
My take is that a clean break and hold above $55, let's say a daily close comfortably over it, would be what's needed to shift the short-term bias. If it fails here again, especially on increased volume, I'd expect it to retest the lower $50s pretty quickly. It's not a buy for me until it clears that hurdle convincingly.
4 comments · 5 points
Yeah, that $55 level has been a real sticking point for $X. I'm with you on waiting for a clear close above it; otherwise, it just feels like another setup for a rejection. Have you noticed if volume picks up significantly around that level when it tests it?