Important Daily Resistance Now Being Tested
This market faces an important test this week.
Before the last seven or eight sessions, price had been selling off strongly and looking to make a new trend lower.
That has now changed quickly with price right back at the old breakout level and strong resistance zone.
As the daily chart shows; this resistance zone has been a major level this year as both a proven support and resistance level.
The best play in this market at this level looks to be watching the price action clues to see if price wants to reject this level or continue on with the recent strong momentum higher.
Before the last seven or eight sessions, price had been selling off strongly and looking to make a new trend lower.
That has now changed quickly with price right back at the old breakout level and strong resistance zone.
As the daily chart shows; this resistance zone has been a major level this year as both a proven support and resistance level.
The best play in this market at this level looks to be watching the price action clues to see if price wants to reject this level or continue on with the recent strong momentum higher.
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