Strong Resistance can mean strong support

15 paź 2018

Here you can see where each time we hit a new resistance we dropped down to the 6000-6300 range and snapping back up breaching resistance and making a new support . we then retrace back to 6200 area before snapping back past new resistance to make a new support . 6800 has proved to be a challenging area for us last month and even last week we dropped down to our 6000 range before "snapping" back up past 7400 which has been the fall off point since early September. i think this 6800 will act as a new support going forward and 7400 should be our new resistance . lets see if the cycle repeats itself there are alot of bullish indicators and I do believe we have strong support at 6000 area.