FOMC Meeting Tomorrow Could be a Catalyst
The main trend is down according to the daily swing chart. The market is in no position to turn to up, but there is room to rally.
A trade through $45.29 will signal a resumption of the downtrend. This could lead to a test of the main bottom at $44.13.
The main range is $44.13 to $52.00. Its retracement zone at $47.14 to $48.07 is the nearest resistance.
The short-term range is $52.00 to $45.29. If the upside momentum is strong enough then we could see a move into its retracement zone at $48.65 to $49.44 over the near-term.
A trade through $45.29 will signal a resumption of the downtrend. This could lead to a test of the main bottom at $44.13.
The main range is $44.13 to $52.00. Its retracement zone at $47.14 to $48.07 is the nearest resistance.
The short-term range is $52.00 to $45.29. If the upside momentum is strong enough then we could see a move into its retracement zone at $48.65 to $49.44 over the near-term.
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