Day Trading Course – former resistance is new level of support
Trading the S&P500 emini futures contract in the S&P500 day trading course live room.
There is a bullish channel with former resistance acting now as support at the lower trendline.
At this time price action is testing resistance at the upper trendline of the channel at 1399.50.
If buyers see that resistance has given way, buyers will come in with pressure to move price up to test at the next target of 1403.
If resistance proves strong sellers will come in to test support at 1397.75. Next target will be the bottom trendline of the bullish channel. If support breaks down first target is 1396. Next targets are 1394,1392,1389.75 and outer target level of support at 1387.50
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