Market Sense and Sentiment

[bbgold]

Very Nice!
The chart did not work but the support/resistance is right on target. Now do you see why they are important to watch? Let me add to what you posted

1 year SNDK
37.35 resistance, 34.88 support
39.40 resistance, 37.61 support Now support above prior resistance, uptrend
47.81 resistance, 42.82 support Higher support above prior resistance, uptrend
53.67 resistance, 47.81 support Prior Resistance is now Support, Uptrend
65.24 resistance, 47.81 support Still Support at prior Resistance, maybe stopped out if raised Stop but could look for re-entry at support here
79.88 resistance 65.24 support Prior Resistance is now Support, Uptrend. If targeting the blocks you probably would have raised your stop and been stopped out before this test
54.65 resistance, 50.53 support Support failed so you were Out at 65.24 or perhaps 65 just below the prior support. Now Downtrend as support has failed and now resistance to upside movement
39.97 resistance, 37.35 support Still downtrend, if you were Short from 65 or 55 your stop would now be 40
47.14 resistance, support with that gap is back at 37.35 Now watching 37.35 for continued support for possible trend reversal, using block trades you would be watching 47.50 as resistance and 45 as support

Hope you can see in the Uptrend where the prior resistance levels changed to support levels when the price was moving higher. In the Downtrend the prior support levels turned into resistance and the price kept selling lower. When you see people trying to Guess the Bottom or looking for a Reversal it is important to see where the support/resistance levels are, also if you are setting a Stop in an uptrend or watching for a possible reversal to downside. Uptrend the prior resistance should change to support, Downtrend the prior support will be turning into resistance. Hopefully will help with your trading and targeting direction and trade targets.

Have a Wonderful Week! :^)