Since June 2021, price has been moving up strong, ploughing through the $100 major
round number, which is a psychological level of support/resistance.
April’s monthly candle closed bullish for the month and saw a move of 4.64% but was
stopped in its tracks by a major level of resistance.
The consolidation high at $103 is acting as resistance and this level was formed in
January 2017. Price has been moving sideways ever since, between this high and the
support at $88 from February 2018.
This is a wide area of consolidation so price has been able to form trends in this zone,
but a breakout could lead to an even bigger trend forming over a longer period of time.
Similar to the S&P 500, price is very close to breaking out. In this case, a pattern of
higher highs and higher lows above the consolidation zone, would be our signal to look
for entry opportunities.
Patience for now as the buyers and sellers battle it out where the outcome will determine
if we can go long or continue to stand aside.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
round number, which is a psychological level of support/resistance.
April’s monthly candle closed bullish for the month and saw a move of 4.64% but was
stopped in its tracks by a major level of resistance.
The consolidation high at $103 is acting as resistance and this level was formed in
January 2017. Price has been moving sideways ever since, between this high and the
support at $88 from February 2018.
This is a wide area of consolidation so price has been able to form trends in this zone,
but a breakout could lead to an even bigger trend forming over a longer period of time.
Similar to the S&P 500, price is very close to breaking out. In this case, a pattern of
higher highs and higher lows above the consolidation zone, would be our signal to look
for entry opportunities.
Patience for now as the buyers and sellers battle it out where the outcome will determine
if we can go long or continue to stand aside.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
