$SEI has been grinding in a wide range for nearly two weeks, oscillating between the lows and highs without a clear trend before making a sharp push up to nearly $0.0640 and reversing quickly back to where it sits now at $0.06094, trying to hold above a key support zone.
The $0.0578 – $0.0588 area is the level to watch right now. It stepped in after the rejection from the highs and is currently holding price up, making it the floor that needs to stay intact for any second attempt at the highs to remain possible.
Holding above $0.0578 – $0.0588 keeps the push back toward $0.0620 – $0.0640 on the table. Losing that zone though puts price back into the range it was choppy in for most of the past two weeks and the spike starts to look like just another failed breakout attempt.
The structure has been rangebound and neither side has shown enough conviction throughout. Until $0.0620 – $0.0640 is cleared and held convincingly, any strength from current levels should be treated with caution rather than assumed as a sustained breakout.