Today’s trade setup has multiple layers to why it could be a great swing trade in the making. First, we have a major level to watch. This level has proved itself to be a meaningful one several times over the past few months. The level 300 has acted as resistance for the majority of those interactions as you can see on the chart in the video below, however, recent developments have put price slightly above this level.
A hold above this level could point to the price filling the gap left behind from February’s selloff. This brings us to our second confirmation, the whole psych number of 300. Generally speaking in trading, these numbers have significance as many traders view them in much the same light, one that would cause a reaction. In my years of trading, numbers that end with 0 and 5 lead to some kind of reaction.