Day trading course – consolidation
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There is a wide range and consolidation between support at 1390 and resistance at 1411.75. After the rally up to the peak at 1411.75 there was a retraction to the midpoint at 1402 with an extended touch and test of support at 1400. With a last test of resistance at the 50SMA there was a breakthrough of support to touch and test the 200SMA, with a subsequent correction down to earlier levels of support before the rally. A touch and test of the support level at 1390 brought in buyers to bring pressure to edge upward to test resistance at the 50 and 200SMA levels.
At this time in indecision, if buyers come in the first target is 1400. The next target is 1402.50 on up to 1406.50 and to the peak resistance at 1412.
If sellers come in there will be a draw down to test support at the first target of 1397.50. The next targets are 1395.50 and 1394. The lower targets of support are 1391.75 and 1389.25.
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