Yesterday I warned against buying into resistance at $8,800. As expected we pulled back off of the horizontal and trend lines. We are currently finding support at $8,475 and if that holds it would mark the third higher low, to match with three higher highs.
I really like that the pullback has yet to fall through the developing trend support (green dotted). Furthermore there is still an unfilled gap from $8,800 - $9,000 and there is a high probability that we retest that range.
I have opened a small position at $8,500. The stop loss is set at $8,249 and the target is $9,000 - $9,200.
Keep an eye out for another post coming this afternoon which will take a look at the bigger picture.
Happy trading and go bulls!
I really like that the pullback has yet to fall through the developing trend support (green dotted). Furthermore there is still an unfilled gap from $8,800 - $9,000 and there is a high probability that we retest that range.
I have opened a small position at $8,500. The stop loss is set at $8,249 and the target is $9,000 - $9,200.
Keep an eye out for another post coming this afternoon which will take a look at the bigger picture.
Happy trading and go bulls!
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