Will Stocks Resume their Rally?? 📈🚀

1 de abr. de 2022

Stocks have fallen further after their slight pullback from our target of 4632. We met steep resistance at this level, then drifted downwards a bit, finally taking a dive yesterday. We fell to 4545, one level above where we anticipated support at 4521. The price action does seem to be rounding off, suggesting 4632 might be a top for now. If so, then stocks should find further support at 4521, then 4462. The Kovach OBV seems oddly unaffected by the selloff. We will need to see more momentum come through in either direction before stocks make a definitive move. There is a chance that we see another wave of momentum come through. If that is the case, then 4632 is our barrier to higher levels. We will see if stocks are willing to resume the rally, or if they will correct further, either retracing to lower levels as discussed above, or form a sideways corrective pattern.