Hey all, this is just my simple technical analysis on the market. So what I've outlined with the solid green line is the area in which I will be looking for decent dip buying opportunities (182.00 area). Reason is quite simple, it's a psychological area for both bears and bulls.
In the short-sellers perspective, they see that area as a technical barrier where there has historically been very, very aggressive bulls "buying the dip" hence the long shadows at the end of the candles once they touch that price area and closing the week around 5-8 points higher. So not only does probability say that bulls will most likely be buying that area, but that also a large amount of short-sellers will be taking their profits in that area.
Now could the 182.00 area be broken thru? Of course it can, and if it does you can expect a massive amount of short-sellers pouncing on it like rabid dogs. Stopping out all the Limit-Buy orders and the previous long term buyers that bought that support during the previous retracements to that area.
Feel free to provide constructive commentary in the comments section. Just keep it civil and respect the fact that other's might have different views. Just keep in mind, if the market does crash just like it did in 2008 and all the other times before that, it doesn't mean the world is going to end, so doomsday conspiracy theorists please stay off this post. Lol.
In the short-sellers perspective, they see that area as a technical barrier where there has historically been very, very aggressive bulls "buying the dip" hence the long shadows at the end of the candles once they touch that price area and closing the week around 5-8 points higher. So not only does probability say that bulls will most likely be buying that area, but that also a large amount of short-sellers will be taking their profits in that area.
Now could the 182.00 area be broken thru? Of course it can, and if it does you can expect a massive amount of short-sellers pouncing on it like rabid dogs. Stopping out all the Limit-Buy orders and the previous long term buyers that bought that support during the previous retracements to that area.
Feel free to provide constructive commentary in the comments section. Just keep it civil and respect the fact that other's might have different views. Just keep in mind, if the market does crash just like it did in 2008 and all the other times before that, it doesn't mean the world is going to end, so doomsday conspiracy theorists please stay off this post. Lol.