Bullish case:
I believe we are set to retest the $86.11 level with the recent aggressive buying activity; though we did see a 6% retrace from last week's high's, similar significant sells (near term) in the 5-10% downward direction have been followed by 10-13% upside (and previous high's were broken in today (Tuesday's) session).
If the $86.11 level is cleared- we will likely see new support at $82.21.
Bearish case:
We are nearing +150% from March's lows with a recession still very probable; recent downgrades (most notably $BAC) could cause selling and allow us to test the 78.75 support; if downward pressure continues we'll likely quickly continue to 76.18.
Personal prediction:
Given the recent volume at key levels of support and upward momentum, I believe we're clear to retest February's high's at 86.11; If this resistance is broken my new price target will be at 92.02.
*not investment advice*
I believe we are set to retest the $86.11 level with the recent aggressive buying activity; though we did see a 6% retrace from last week's high's, similar significant sells (near term) in the 5-10% downward direction have been followed by 10-13% upside (and previous high's were broken in today (Tuesday's) session).
If the $86.11 level is cleared- we will likely see new support at $82.21.
Bearish case:
We are nearing +150% from March's lows with a recession still very probable; recent downgrades (most notably $BAC) could cause selling and allow us to test the 78.75 support; if downward pressure continues we'll likely quickly continue to 76.18.
Personal prediction:
Given the recent volume at key levels of support and upward momentum, I believe we're clear to retest February's high's at 86.11; If this resistance is broken my new price target will be at 92.02.
*not investment advice*
(Bullish case) A breakthrough of 86.11 will likely cause this to be the new support level; if it cannot break this resistance I predict that downward pressure will bring us to support at 82.21.