**** This is simply a snapshot in time and is an attempt at ascertaining probable outcomes. One should be prepared to change ones strategy at anytime if patterns do not play out as anticipated. ****
It can be seen that while the S&P as a whole was showing strength in the past few weeks, F and has entered into an equilibrium pattern. The S&P 500 is potentially entering into daily consolidation. If the S&P 500 enters into a daily downtrend, F is likely to retest supports. F is likely to be dragged down by the continued global COVID-19 impacts on unemployment and by the wider market.
Resistance can be found at:
$5.87
$5.75
$5.54
Support can be found at:
$4.72
$4.17
$3.96
A retest of the recent low of $3.96 would place the RSI in oversold conditions on the daily time frame which would then be an opportunity for a long play should the trend reverse on shorter time frames (higher highs and higher lows on the 4-hr etc.).
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It can be seen that while the S&P as a whole was showing strength in the past few weeks, F and has entered into an equilibrium pattern. The S&P 500 is potentially entering into daily consolidation. If the S&P 500 enters into a daily downtrend, F is likely to retest supports. F is likely to be dragged down by the continued global COVID-19 impacts on unemployment and by the wider market.
Resistance can be found at:
$5.87
$5.75
$5.54
Support can be found at:
$4.72
$4.17
$3.96
A retest of the recent low of $3.96 would place the RSI in oversold conditions on the daily time frame which would then be an opportunity for a long play should the trend reverse on shorter time frames (higher highs and higher lows on the 4-hr etc.).
Like my work? Buy from my store.
www.amazon.com/s?me=A3716CZ...