Technically Speaking
Nice selling pressure from last week, note green arrow on chart. The 56 level will look to provide support, if that level goes, the next good support comes in at 58.
What to do?
If looking to short, a stop above last weeks high of 61.37 makes sense. Target the 56 and see how it trades. For the longer term play, look to hold to the 48 level. Could be a long shot, but the bigger money is in the big swings.
If looking to buy, I would wait until the 48 level, no certainty it gets there though?
Nice selling pressure from last week, note green arrow on chart. The 56 level will look to provide support, if that level goes, the next good support comes in at 58.
What to do?
If looking to short, a stop above last weeks high of 61.37 makes sense. Target the 56 and see how it trades. For the longer term play, look to hold to the 48 level. Could be a long shot, but the bigger money is in the big swings.
If looking to buy, I would wait until the 48 level, no certainty it gets there though?
The 58 above should be 48, sorry:)