Sep
17
Yesterday the gap filled and we now wait to see if there is a hestitation or whether it punches right through. There is a lot of upside potential with the next resistance level coming at about $118.
My 5-year chart shows $108.44 as resistance. The market is overbought right now based on RSI at 73. With that in mind, I would rather wait for the market to break $108 and perhaps climb to $110 or so and pullback and buy on the retest than jump in here in anticipation of this breakout.
There may also be opportunities on the short side with the market going parabolic for some RSI 93 trades. This feels like early August all over again.
