is at the top of the rectangle that we have been looking at, but we also have the 50-Day EMA sitting right in the middle of this box. We recently made a bit of a “double top”, sitting right around the $93.50 level. At this point, the support level seems to be nearly $82.50 level, and therefore I think it’s worth paying close attention to that level as well.
A breakdown below the $80 level could send this market much lower, but I don’t necessarily think that is going to be easy to achieve at this point. On the other hand, if the market were to take out the top of the double top above, then it opens up the possibility of a move to the $100 level. The $100 level course is a large, round, psychologically significant figure, and it will attract a lot of traders for profit targeting, and possibly even options play.