OPEN looking really solid here, especially with some continuation after the move on Friday. Next S/R zone is the 1.618 fib and then 10 is the big double digit resistance zone that needs to be broken convincingly. One thing to watch for is the decline in volume since the highs, I'd like to see some big volume coming in to feel even more confident.
OPEN found some solid support here at the 1 fib extension, a level I mentioned in a previous post. Unfortunately broke out of the flag formation, but looking like an IHS could be forming here. We'll have to see how next week is with the distribution of warrants. I'd like to see a breakout with solid volume above the 1.618 level. Could be a wild ride.
OPEN currently retesting the lower vwap. Ideally, I'd like to see this remain as support and form a wick on the upper TL. Price has been acting odd ahead of the warrant distribution, which is expected as I've mentioned that in previous posts. If price breaks below the vwap, I'd like to see price hold at the 1 fib retracement. There also has been a declining trend in volume over the last few months, especially since the July, something else to be weary of. To move higher, we need to see some consecutive volume spikes.
OPEN 6ish is a strong region, if it falls below, im looking at 4.50
