Another Big Squeeze
We have spent the last few days bouncing around inside a triangle. The squeeze has begun. Any breach of the 'red zone' would result in a drop and will test the previous support at 205 and maybe 196. If that support holds, I could be stuck in more sideways movement until finally, we have a double bottom at 150. When the floor is reached, it will be a massive bull signal.
Alternately, the squeeze could trigger a breakout that will re-test previous resistance at 230 and maybe 250.
Alternately, the squeeze could trigger a breakout that will re-test previous resistance at 230 and maybe 250.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.