CHART-II
- First attempt to breakout of the channel has failed. Price comes back into the channel
- 122.11 and 122.32 areas will act as resistance now. Up move will be possible only on a breakout above these two levels.
CHART-I
- SPY 5 minutes chart is trending down in a channel.
- Break of the channels resistance line may turn things in favour of the bulls.
- But price should trade above 122.32 for an up move to happen.
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