Man, looking at this $RIVER chart is a total head-scratcher.
The way it bounced from that 1.616 floor was aggressive, but we’re hitting a massive wall of sellers near 3.50. You can see the rejection candles clearly there. Right now, it’s just hovering around the 2.98 level. Volume is decent at 231M, but the momentum feels like it’s cooling off a bit. If we can’t hold this 2.78 area as support, I’m expecting a slow bleed back down to test the 2.30 zone. But if the bulls wake up and flip 3.20 into support, we might actually see another run at the local high. I'm sitting on my hands for a minute. Not catching a falling knife here until the direction is more obvious.
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Man, looking at this $RIVER chart is a total head-scratcher.
The way it bounced from that 1.616 floor was aggressive, but we’re hitting a massive wall of sellers near 3.50. You can see the rejection candles clearly there.
Right now, it’s just hovering around the 2.98 level. Volume is decent at 231M, but the momentum feels like it’s cooling off a bit.
If we can’t hold this 2.78 area as support, I’m expecting a slow bleed back down to test the 2.30 zone. But if the bulls wake up and flip 3.20 into support, we might actually see another run at the local high.
I'm sitting on my hands for a minute. Not catching a falling knife here until the direction is more obvious.
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