We've officially broken out of the longer term triangle we've been in since September. Still too early to tell for sure yet, but as of now things are looking good -- we've retested the top slope of the triangle 6 different times in the last hour and held fine for the most part. Definitely promising. The more times we do this, the more we consolidate it into a strong support and get ready for a break out.
So where do we go from here?
Support 1: $63.30 (weak)
Support 2: ~$62.90 (top of triangle, will keep heading lower)
Support 3: $62.46
Resistance 1: $63.90 (weak)
Resistance 2: $64.15 (very weak, may be unreliable)
Resistance 3: $65 (medium)
Resistance 4: $65.50 (strong)
Personally I'm holding long term. Day traders may wish to set stop purchases at $64.50 and $66. Stop loss should be at $62 for the next two days, with a possible adjustment afterward.
So where do we go from here?
Support 1: $63.30 (weak)
Support 2: ~$62.90 (top of triangle, will keep heading lower)
Support 3: $62.46
Resistance 1: $63.90 (weak)
Resistance 2: $64.15 (very weak, may be unreliable)
Resistance 3: $65 (medium)
Resistance 4: $65.50 (strong)
Personally I'm holding long term. Day traders may wish to set stop purchases at $64.50 and $66. Stop loss should be at $62 for the next two days, with a possible adjustment afterward.