Chart of the Day - Friday, December 13th, 2019
December 13, 2019
Today’s Chart of the Day was shared on Twitter by Renaissance Macro Research (@RenMacLLC). It's a daily candlestick chart of the Chinese Technology ETF, $CQQQ. Renaissance highlights the fact that the ETF is testing a key resistance level. They remind us that it's important to remain objective when observing these support/resistance levels. It's better to be patient and wait for price to confirm a breakout, rather than trying to predict which way price will resolve. These are levels of polarity, where if price trades above it, the risk is to the upside. On the other hand, if price fails to break out, the risk is to the downside. Eventually, you'll get confirmation, but until then, remain unbiased!