Last week the market showed that people have mixed feelings about the market right now which showed in a consolidation from 11400 to 11700. Last night the market down to 11380 and exploded to the upside breaking out of the consolidation no trade area which also serve to be a high volume node and create a triple bottom formation. Since this market broke out of consolidation expect to see the market slightly retrace. As long as the market does not retrace below the start of the lvn at 11700 you can expect that the market will revisit the 11960 area.
Look for a retest of the past resistance at 11700 and turn it into a support and look to take advantage of a bullish run to 11960 which would match the fall area that it made when it fell on June 28
Look for a retest of the past resistance at 11700 and turn it into a support and look to take advantage of a bullish run to 11960 which would match the fall area that it made when it fell on June 28
Trade closed: target reached
