I don't see a reason at this point to exit prior to the 1.60's. Maybe the market will decide something different today or next week but given the available information this seems a good bet to at least test that area. During the session on 5/21 there was evidence that perhaps the 1.71's would hold as support, so someone who was short from above booking profits at that point had a good case for doing so. But since that time 17's have clearly given in to selling pressure. Yesterday seemed to be perhaps a mix of shorts booking profits and offside bulls who were long from 17ish scratching as price bounced.
If anyone is currently still short, I'd like to hear the case for exiting the trade at this point. Likewise I'd be interested in hearing the case for buying in this area. The charts suggest there would be value buying 15.5 to 16 but prior to that...I don't see it.
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