Day trading course – shallow bearish channel
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Sellers have driven the market down to test support at 1192.50 with a retracement to test resistance at 1211.75. At this time price is in a tight range signalling indecision. If buyers come in there will be a test to the upper trendline of the short term channel. Next target would be 1211 and if that gives way buyers will drive price up to test the next target at 1215.75, then onto the upper trendline of the long term channel. If the bears come in look for price to reach the first target at 1201.75. If the support gives way the bears will take the price to 1196.75 to test the support at that level. The next target of support would be the bottom trendline of the long term channel and onto the bottom trendline of the short term channel.
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