Quote from Lawrence Chan:
1. Mon + Tue daily level tight range - breakout mode.
2. Gap + previous week close at 63.5 - magnet.
3. 50% previous week at 62 - magnet.
Open at 62-63 => range breakout downside
S1 + previous day low at 64 - 65 may turn into resistance
Leaving behind Mon + Tue as island.
Once mkt trade back into 66-67 range, this selloff potential is gone.
Ok, got you. Thanks for the insight. Appreciate it.
