Price continues in this channel on the 4hr chart and looks to be heading back to the bottom around 505/506. Pre-market price is at the 509.59 support area where there is some volume, we have 511 above and 508 below so that’s the opening range to look for. Above 511 is back in Friday’s zone which would be bullish, but most likely price is going to look to bring in buyers around 508. Pretty clean areas we can target for today.

1) Below 509.59 target 508, then 506. Internals will tell the story of whether sellers are in control and that’s where they will aim. Look for decent support around 506 as this is the incoming trendline as well.
2) Chop between 509 and 511, if price gets held at 509 target 511. Look for decent sellers anywhere between 510 and 511.
3) If price makes it back above 511 we are in Friday’s range, target 513, 514, 515, 516

William Wallace