Watching PSP for a potential range breakout
Been keeping an eye on $PSP this week, and the price action around the 63.50-63.90 area has been interesting. We've seen a few rejections at the upper end of that range recently, specifically today's high at 63.915, suggesting some resistance there. On the flip side, the daily low hasn't dipped much below 63.46, indicating some support just below.
I'm looking at this as a potential consolidating range right now. If we can get a sustained move above 64.00 on decent volume, that might signal a breakout attempt. The risk for this scenario would be a clear break and hold below, say, 63.30. If it dips below that point, I'd reconsider the range breakout idea and assume it's either pulling back further or consolidating within a wider structure. Just my two cents, always open to other interpretations.
That's an interesting observation on $PSP. I'm still learning about range breakouts. Do you usually wait for a clear close above that resistance before considering an entry, or are there other factors you look for?