The purpose of this day ...
Watch TEVA for signs of strength illustrated by trying to climb back up toward $8.
That number, being an integer, is itself a resistance level irrespective of other things going on around it: It's an integer.
Stock traders have an instinctive set of SR levels in their mind that they are mostly unaware of -- a preference for specific step sizes expressed as fractional values where the result is chosen from numbers that are equivalent to a single coin, or groups of coins (other than pennies) they might have in their pocket. That ultimately gets blurred by the Market Maker who is stuck with having to make even smaller fractions, but he (it) is happy making pennies on a trade because he makes up for it by always being there on every trade. Years ago market makers were always people. Today they are more likely to be computers.
One more thing: those damned intraday pivot levels. They are also magnets, as are intraday moving average crossovers.
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