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Thoughts on Y's current range and potential break
Watching $Y closely at 847.79. It's been range-bound for a bit now, specifically holding that 847.62-847.90 area. My read is that sustained movement above 847.90 could signal a push towards higher resistance, perhaps the next notable psychological level. Conversely, a break and hold below 847.62, especially with any real volume, would invalidate that bullish scenario for me and suggest a retest of lower support. It's a tight range, and volume on any move will be key.
2 comments · 7 points
I'm not convinced a break of such a tight range is meaningful. The volume would need to be significant, and even then, it could just be a fakeout. I'd wait for a move outside of a much wider consolidation before drawing any conclusions.