RE: Breakout of 9 week congestion from outside week-15/1/2419 Mar 2024 10:16
The W7L, sp, has fell this morning, back below the weekly outside high of 420, to 415. Meanwhile the underlying sector, was down today, and still bearishly below its 1/3/24, time pivot low value of 18244.
The W7L, current sp, of 415, is significant because, it exactly represents the recent pivot low of 15/3/24, and the pivot high of 15/1/24. Price pivots can signal direction when they are broken, or also support and resistance, if not broken. If the sp today can respect the 415 level and rally back above the weekly outside bar high of 420, for a close, then a two day close, above the 420, would retain the bullish scenario. Otherwise a sensible stop somewhere below 415, which incorporates the spread of 10 plus the ATR(average true range), or a multiple thereof, which can be found under the lse, charts menu. DYOR.