The market has finally broken above the level that we can see it has reacted off of multiple times in the past year.
Every time we traded near it and were below it, the market had a sell off that lasted a few weeks.
Now that we are above it and have tested it multiple times we can look to see if it can replicate what it did on the downside to the top side.
When in doubt, zoom out.
Above we are looking at the weekly time frame because quite often we get caught aimlessly viewing the markets and aiming to force the market to show us what we want to see.
Zooming out gives us an eagle eye view for us to base our analysis on.
Current prediction: The market closed above this resistance level 2 weeks ago. The week before last the market traded below it as a test before ultimately trading and closing back above the resistance level.
Last week, we closed strongly above the level after we tested it as support. That's a great sign.
If the market continues to rally then we should have a straight path to the 430 area as our next resistance zone.
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