Stocks experienced a notable uptick yesterday. On the daily S&P chart, there's a resistance line connecting the year's highest points. This line currently stands at 5260, serving as our near-term target and acting as a significant barrier today. Notably, it has effectively halted upward movements in the past four attempts.
N.B. definition of a resistance line A resistance line,
is a trendline drawn on a price chart that connects the highs of an asset's price movement over a certain period of time. It represents a level at which selling pressure tends to increase, preventing the price from rising further. Traders use resistance lines to identify potential levels where a stock or other financial instrument may encounter difficulty in moving higher, and they often serve as points at which traders may consider selling or shorting the asset. If the price breaks above a resistance line, it may indicate a bullish signal, suggesting potential further upward movement.
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N.B. definition of a resistance line A resistance line,
is a trendline drawn on a price chart that connects the highs of an asset's price movement over a certain period of time. It represents a level at which selling pressure tends to increase, preventing the price from rising further. Traders use resistance lines to identify potential levels where a stock or other financial instrument may encounter difficulty in moving higher, and they often serve as points at which traders may consider selling or shorting the asset. If the price breaks above a resistance line, it may indicate a bullish signal, suggesting potential further upward movement.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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