Day trading course – Pennant
Trading the S&P500 emini futures contract in the S&P500 day trading course live room.
A pennant has formed signifying congestion while there’s consolidation.We’ll see the pattern completed when the price breaks outside of the converging lines.
If it proves to be a strong bear trend, sellers will pressure to break outside of the pennant on the downside at the lower trendline for a continuation to the first target at 1341.75. The next target levels are 1340.75, 1337 and the outer target of 1332.25.
If buyers come in there is a target which is a strong support/resistance level at 1345. The next targets are 1347.75, 1350.25, 1352, 1354 and then on up to the 200SMA at the 1356.75 area.
Trade What You See