$KWEB: Is 28.50 a new floor or just a bounce point?
Been watching $KWEB pretty closely the past few days, especially with the recent volatility. Today it closed at 28.71, but the interesting part for me was its reaction around 28.50. It dipped to 28.55 at one point and bounced back, which got me thinking.
From a technical perspective, I'm trying to figure out if that 28.50 area is starting to solidify as a support level. It's been a bit of a swing area before, but the recent action seems to suggest some buying interest stepping in there. My scenario is that if it holds above 28.50, we could see it try to test the 29.00-29.20 zone again, which has been resistance for a while. The risk that invalidates this idea for me would be a clear close below 28.40, especially on higher volume. That would suggest the sellers are still firmly in control and that 28.50 was just a temporary pause rather than a true new floor. Just my initial thoughts, curious what others are seeing on their charts.
That's a good observation. I'm new to charting, but I can see how that 28.50 level might be important. Do you look at trading volume around those points too, or is the price action usually enough to tell?