Day Trading Course – Consolidation Pattern

Trading the S&P500 emini futures contract in the S&P500 day trading course live room.

Another consolidation pattern has formed and we are waiting for the outcome. Will it go for a continuation with the downward trend or will the buyers come in to test resistance on the upside?

At this point the support is being tested at the bottom trendline . If the sellers come in the first target is 1327.25. The next targets are 1325.25, 1323.75 and 1321.75. The outer target is the average range from closing at 1320.

If support holds buyers will come in and test resistance to the upside. The first target is 1336.50 at around the upper trendline. The next targets are 1339.50, 1345.75 and the outer target which is the average range from the close of the day at 1348.

Trade What You See