Spy: Potential Breakout Signal
Hello fellow traders. I am sharing a possible breakout signal in the form of a symmetrical triangle pattern. While we did see a close above the upper trend line to confirm this breakout signal, these do have a fairly high throwback rate. Playing devil's advocate, the market can make a double top at the 198 level, or reverse at the 200 resistance. To confirm this breakout I would like to see the traditional signs of a strong trending market of higher highs and higher lows. Also look for previous resistant to become support.
Key Levels for this pattern:
Resistance:
198
200
Support:
196.5
195
Key Levels for this pattern:
Resistance:
198
200
Support:
196.5
195
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