Stock Breakout Near??
Stocks have recovered from a retracement after testing 4521. The price action started to 'round off' and we suspected a technical retracement may be in store earlier this week. Our prediction came true and we found support at 4440 also as anticipated. Currently, we are testing relative highs again at 4521, but are encountering steep resistance from red triangles on the KRI. The Kovach OBV has been inching up but has leveled off slightly as stocks struggle to break out further. We are at some serious resistance, so watch for signs of momentum at open. If not, we will likely reject current levels and head to support at 4440. If we do see a breakout, then 4580 is our next major target.
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