SC has been holding at strong support level for several weeks. StochRSI is approaching oversold on Daily chart, and is already far oversold on Weekly chart. Blue box shows current support range. I expect to hold at this level for a day or two more than a breakout. If bull reversal bar is confirmed and above descending support, could see move up to red resistance levels. If bear breakout occurs, look for support around 170 area.
This is my first post. I have so much more to learn and would love some constructive feedback and/or tips. Thanks!
Just for my own knowledge, if it breaks support, how did you figure that 171 level for the next support?
piercerds
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@ActionBronson, Because that area was resistance in beginning of may. When the market breaks a resistance level it then becomes support.
Skutania
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Nice post, thanks for sharing
Here's to hoping for this reversal
Happy trading out there
ArmandoRamos
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Whats mean that? Sell or buy?
piercerds
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@ArmandoRamos, Depends on which direction the breakout occurs. In my opinion Bulls have more coming momentum so now is a fairly good time to buy. If a downward breakout occurs then youd want to sell/short.