Stocks Ranging Before the Breakout

27 May 2021

Stocks have retraced a bit after encroaching upon the 4214 level. We still believe they are gearing up for another breakout and that 4068 is a bottom for now. We are likely to see either continued ranging here or a further retracement before the breakout. This is supported by a waning Kovach OBV. The levels 4188 and 4178 are providing good support. If these do not hold, then consider 4144 or 4122. The next major target is highs at 4245.