Over the past month, shares have eased by 1.9%, a modest decline that contrasts sharply with the 53.7% surge year-to-date and the impressive doubling over twelve months. This cooling-off period marks a consolidation phase at elevated levels, rather than an outright reversal of trend.
Signals of balance, not conviction
Prices are currently hovering around the 20-day moving average while staying below the 50-day line. This setup underscores a neutral momentum, suggesting that the strong sequence of higher highs and higher lows has paused. Market structure leans toward consolidation, yet the lack of upside traction highlights the difficulty in regaining momentum without fresh catalysts.
Guardrails of support and resistance
On the downside, support at $674 offers a critical safeguard against renewed weakness. On the upside, resistance at $732 has repeatedly capped recovery attempts, framing the market’s hesitation. For now, the base case remains a controlled consolidation. Only a decisive move above resistance could reignite the rally, while a break below support would open the door to a deeper pullback.
