There is a before and after in modern history when it comes to stock market Indexes
because between 2007-2008 all the stock market hit a new high before drop
Then this highs become the reference for all the stocks who drop with the index
Then look around March 2009 when the stock market rebounded and the major companies started to show strength
(Except the Financial Industry)
that was the beginning of a bull trend that still remains but for all it was not the same story
some have not been able to overcome those 2008 highs and others have already exceeded their 2008 highs
but in this case it was a short time ago (December 2017) who could overcome the highs of 2008
This fills the owners and employees of this company with optimism and this will be reflected in the price of the stock
Now look the chart and pay attention to the (red arrows)
Remember the concept, resistance becomes support (red arrows)
because between 2007-2008 all the stock market hit a new high before drop
Then this highs become the reference for all the stocks who drop with the index
Then look around March 2009 when the stock market rebounded and the major companies started to show strength
(Except the Financial Industry)
that was the beginning of a bull trend that still remains but for all it was not the same story
some have not been able to overcome those 2008 highs and others have already exceeded their 2008 highs
but in this case it was a short time ago (December 2017) who could overcome the highs of 2008
This fills the owners and employees of this company with optimism and this will be reflected in the price of the stock
Now look the chart and pay attention to the (red arrows)
Remember the concept, resistance becomes support (red arrows)