Day Trading Course – ascending pennant
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Trading the S&P500 emini futures contract in the S&P500 day trading course live room.
Ascending pennant formed. There was a pierce and breakthrough of support at the bottom of the pennant and price went down to test at 1363.25. It has been also forming a range between support at 1364.25 and resistance at the 1368 level.
If sellers come in to test and break resistance the !st target is the bottom of the ranging trendline. The next target is 1363.25, onto 1361 and then onto the outer support level at 1357.75.
If buyers come in the 1st target is 1365.50. The next target is 1367, then onto the upper range trendline. The next target is 1368.50. If there is enough buyers pressure the next target will be the new resistance at the bottom trendline of the pennant.
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