Possible stop below C but I see support not too far under price at a gap that is now filled. Unfilled gap overhead that could cause resistance.
There is little or no price action in a gap and gaps can serve as support and resistance levels, but not always. IE..if a good news or an earnings beat occur it can send a security right through a gap above, and bad news can cause a security to shoot down through a gap below, blowing that support. Once the gap begins filling, it will rarely stop until the gap is filled as there is no price action inside of the gap to hinder the movement of price.
Breakaway gaps can signal the beginning of a new trend and sometimes these gaps do not fill for a long time
Exhaustion gaps occur near the end of a price pattern and signal a final attempt to hit new highs or lows. These usually fill in a short amount of time and is a good time for most to exit gracefully (o:.
Continuation gaps, also known as runaway gaps, occur in the middle of a price pattern and signal a rush of buyers or sellers who share a common belief in the underlying stock's future direction.
Even though this is an ETF, it can be volatile. I chose the long entry level based on the possible resistance of the gap, but you may find an entry level that works for you. The closer to support you can get, the better of course. For me, entry level is very important because it can mean a lot to my psyche to not see red on a daily basis. Patience can pay off big time when it comes to a long entry level. Selling at the right time is another thing I am working on.
No recommendation
There is little or no price action in a gap and gaps can serve as support and resistance levels, but not always. IE..if a good news or an earnings beat occur it can send a security right through a gap above, and bad news can cause a security to shoot down through a gap below, blowing that support. Once the gap begins filling, it will rarely stop until the gap is filled as there is no price action inside of the gap to hinder the movement of price.
Breakaway gaps can signal the beginning of a new trend and sometimes these gaps do not fill for a long time
Exhaustion gaps occur near the end of a price pattern and signal a final attempt to hit new highs or lows. These usually fill in a short amount of time and is a good time for most to exit gracefully (o:.
Continuation gaps, also known as runaway gaps, occur in the middle of a price pattern and signal a rush of buyers or sellers who share a common belief in the underlying stock's future direction.
Even though this is an ETF, it can be volatile. I chose the long entry level based on the possible resistance of the gap, but you may find an entry level that works for you. The closer to support you can get, the better of course. For me, entry level is very important because it can mean a lot to my psyche to not see red on a daily basis. Patience can pay off big time when it comes to a long entry level. Selling at the right time is another thing I am working on.
No recommendation
Comment:
The long wicks on the top of a few of the candles show price is struggling with the resistance at the bottom of that small gap as well as a struggle at the resistance the top trendline of the small triangle imposes on price. Support and resistance levels are always there, but like a runner's track record or an Olympic swimmer's record time, they were made to be broken