Market Breakout – Watch For This Pattern

August 30, 2023
Author: Peter Stolcers, Founder of OneOption

The technicals look good for a bounce, but don't expect a run away rally.

PRE-OPEN MARKET COMMENTS WEDNESDAY – Yesterday the market rallied through the 50-day MA, the downward sloping trendline that started in August and above horizontal resistance at the AWWAPQ. This was a key technical resistance level and that bodes well for this bounce because the move came on good volume. Overseas markets were marginally higher and I expect to see follow through today.

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