$0.0705, $XPL fell 13.4% over the past 24 hours—the most pronounced pullback on yesterday’s market. Its 24-hour range was $0.0690 to $0.0864, with spot trading volume of about $25.91 million.
Looking at the past 7 days, it has ranged between $0.0673 and $0.0864, down 4.4%. One detail to note: the 7-day high is the same $0.0864 reached in the past 24 hours. It has steadily pulled back since hitting that high, and is now close to the bottom of its 7-day range—just a small step above the 7-day low of $0.0673.
There are just three numbers to watch today: to the upside, $0.0864, the high for both the past 24 hours and the past 7 days; to the downside, $0.0690, the 24-hour low, and below that, the 7-day low of $0.0673. Until one of these levels gives way, yesterday’s drop is still just a move within the range. Whichever side breaks will determine where the next range lies.
There are also two times to keep in mind today: 22:45, when the U.S. October S&P Global Manufacturing PMI is released, and 23:00, when the U.S. October ISM Manufacturing PMI is released. Volatility may increase around the releases, and a single day’s move doesn’t tell us the trend.
In any case, one day’s drop isn’t enough to call it a trend. The real thing to watch is whether trading volume picks up from here.
Do you think XPL will return to $0.0864 first, or test $0.0673 first?
#MarketWatch
Looking at the past 7 days, it has ranged between $0.0673 and $0.0864, down 4.4%. One detail to note: the 7-day high is the same $0.0864 reached in the past 24 hours. It has steadily pulled back since hitting that high, and is now close to the bottom of its 7-day range—just a small step above the 7-day low of $0.0673.
There are just three numbers to watch today: to the upside, $0.0864, the high for both the past 24 hours and the past 7 days; to the downside, $0.0690, the 24-hour low, and below that, the 7-day low of $0.0673. Until one of these levels gives way, yesterday’s drop is still just a move within the range. Whichever side breaks will determine where the next range lies.
There are also two times to keep in mind today: 22:45, when the U.S. October S&P Global Manufacturing PMI is released, and 23:00, when the U.S. October ISM Manufacturing PMI is released. Volatility may increase around the releases, and a single day’s move doesn’t tell us the trend.
In any case, one day’s drop isn’t enough to call it a trend. The real thing to watch is whether trading volume picks up from here.
Do you think XPL will return to $0.0864 first, or test $0.0673 first?
#MarketWatch
