So, facts:
1) 500-503.50 zone is the obvious resistance for now
2) 21EMA is a solid support at this point
3) 490 is quite a good support
4) 8EMA - not sure if it will clearly hold the price next week.
5) 494-496 - potential support zone for building another Higher Low
What I expect:
1) One of the scenarios for me is the price confirming one of the support levels - 8EMA or 494-496 zone, then try to break the highs (503.50).
2) An alternative scenario is losing 8EMA and moving lower to 21EMA and 490 level.
Now, my primary job is to watch and wait for the price reaction to the levels.
1) 500-503.50 zone is the obvious resistance for now
2) 21EMA is a solid support at this point
3) 490 is quite a good support
4) 8EMA - not sure if it will clearly hold the price next week.
5) 494-496 - potential support zone for building another Higher Low
What I expect:
1) One of the scenarios for me is the price confirming one of the support levels - 8EMA or 494-496 zone, then try to break the highs (503.50).
2) An alternative scenario is losing 8EMA and moving lower to 21EMA and 490 level.
Now, my primary job is to watch and wait for the price reaction to the levels.