IVIP MARKET UPDATE: $POL
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$POL is trading around the 0.0911 area after a sharp wick down that swept the ascending trendline support before recovering aggressively, leaving a long lower wick that suggests strong buying interest at the trendline level. The structure that has been holding since mid April was tested in the most aggressive way yet, but the immediate recovery from the wick keeps the bullish case alive for now and shows that buyers are still defending the trendline despite the broader market weakness.
As long as POL holds above the trendline and the 0.0900 area on a closing basis, the structure remains intact and a recovery toward the 0.0930–0.0960 zone is still possible. A clean trendline loss with a strong close below however would shift the picture significantly, opening the door toward the 0.0870 area and exposing the broader structure to further weakness.
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