¡Support is not broken yet! and why I share this idea? If my methodology consist in confirmed breakout of support and resistance levels from a weekly view
One thing is to make stock price forecasting models and other is act with the price based in the actual market conditions AKA Price Action.
Then I put this ideas in the desk of the traders and they put it in your watch list, even a day trader can use this if he is interested in the breakout with your pullback using your own setup 5 minutes or 15 minutes. For swing traders is the same concept but they use your daily charts and 4 Hours;
At the end they take decisions in real time and act in consequence with the price. If the conditions are given and the condition is:
price action in the coming days below the 25.70 level approximately.
But my personal reason for share this idea is the current market panic and the other thing I like of this picture is:
The big red candlesticks that broke the main support in the 36.00 area some months ago, in the daily chart the big red candles are two big gaps (look the red arrows) and when a support is broke with a gap and in this case a big one this gives it more drama to the picture.
At the end I not predicting nothing, because is happening in front of my eyes now.
One thing is to make stock price forecasting models and other is act with the price based in the actual market conditions AKA Price Action.
Then I put this ideas in the desk of the traders and they put it in your watch list, even a day trader can use this if he is interested in the breakout with your pullback using your own setup 5 minutes or 15 minutes. For swing traders is the same concept but they use your daily charts and 4 Hours;
At the end they take decisions in real time and act in consequence with the price. If the conditions are given and the condition is:
price action in the coming days below the 25.70 level approximately.
But my personal reason for share this idea is the current market panic and the other thing I like of this picture is:
The big red candlesticks that broke the main support in the 36.00 area some months ago, in the daily chart the big red candles are two big gaps (look the red arrows) and when a support is broke with a gap and in this case a big one this gives it more drama to the picture.
At the end I not predicting nothing, because is happening in front of my eyes now.