Possible Bull Pennant forming on 1HR SPY
Possible Bullish pennant forming on the SPY 1HR, based on the following:
-3 touches on resistance from Nov. 4th
-3 touches on support from Oct. 25th
-Higher lows, lower highs, forcing the price into a corner
The yellow lines are hotspots in VP, the first one indicating a possible convergence between it and the support of around $466. Alerts on both support and res., if volume confirms will be an interesting directional play.
-3 touches on resistance from Nov. 4th
-3 touches on support from Oct. 25th
-Higher lows, lower highs, forcing the price into a corner
The yellow lines are hotspots in VP, the first one indicating a possible convergence between it and the support of around $466. Alerts on both support and res., if volume confirms will be an interesting directional play.
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