At this level we see prior highs and lows all the way to 2020 rally. It does not hurt that the kijun-sen and supertrend (standard setting) are also located at this exact level. This is where traders put their trailing stops or normal stops. The market sure does like to hunt those stops as big players like to fill their orders at these levels when people get annihilated. Join the big players and buy in at this level.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.