RE: In the absence of C7...7 Oct 2020 14:28
I think traders will look at resistance levels and sell at this price if they think it is a strong level.
But, in general, the more price hits a resistance level the weaker it becomes since over time all the traders will have sold out.
Also it looks good in this case since the price didn't retrace that much before it started to go up again. This shows there are buyers in the market at a price close to the resistance level.
Of course, this is the optimistic view :-)