Nice break out of consolidation!
SI has been sandwiched in a huge zone of consolidation, between $98- $112 for the past year. The strong resistance is marked by the 50% retracement at $112 area. However, today, we see a strong break out of consolidation, supported by heavy volume. I expect that it will continue its course up (assuming no macro breakdown of the market). The next resistance is likely to be the 61.8% retracement at $120.
SI has been sandwiched in a huge zone of consolidation, between $98- $112 for the past year. The strong resistance is marked by the 50% retracement at $112 area. However, today, we see a strong break out of consolidation, supported by heavy volume. I expect that it will continue its course up (assuming no macro breakdown of the market). The next resistance is likely to be the 61.8% retracement at $120.