Summary:
- After a very strong round of selling that dropped the price almost $2,000 in just a couple of days, the market managed to find support at an important macro level.
- The support rally marked a third, higher high for our current market and it rallied on very high volume and spread.
- The market is currently situated between two strong levels and, until one of them gives way, it’s possible that we’ll see a strong bit of chop. If we manage to break the overhanging resistance the upside target lies around $11,200 to $11,300. However, if support breaks we are most likely looking at a retest of the $9,200 zone.
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