4
NBby u/nbianchi·4hAnalysis

Looking at $EMXC and a potential resistance retest

Watching $EMXC around the 95.30-95.50 area. We saw a rejection there earlier today, and it's been a local high a few times in the past. If it pushes through that with any conviction, the next stop could be the mid-96s, maybe even 97. It would imply a good amount of buying interest above what's been a ceiling for a bit.

On the other hand, if we get another rejection around these levels, especially with diminishing volume on subsequent attempts, then a retest of the 93.70 recent low seems likely. That level held today, but repeated tests without a break higher often lead to a break lower. My bias remains neutral until we get a clear break or rejection with follow-through.

2 comments · 4 points

2 Comments

CKu/chen_kThailand·1h

Interesting. "Conviction" is a subjective term, though. What volume are you looking for on the breakout to confirm it's not just a liquidity grab?

2
NIu/nikhilpillai·3h

I'm seeing similar action. The volume on those rejections isn't screaming conviction, so a push through seems unlikely without a bigger catalyst. Might be better to look for a consolidation before making a move.

0

More like this