Sushi Resistance Level for Leveraged Positions
Updated
We can see the blue box supporting price as it dipped into it, sending it higher to this resistance level. Purple box indicates a daily resistance level, and we saw an immediate reaction once price reached this area. For a reversal in this trend to occur price would need to break through this level, and possibly dip back into it as support, setting the stage for a repricing higher. I would consider this thesis before opening leveraged long positions.
Note
Just as expected the purple box showed precise resistance, repriced lower into an area of supported around 12.4-12.9 and then repriced through that resistance. I would like to see a dip back into that purple box, and then continued repricing above the old high at around 19. If we support around there, then the price discovery mission has resumed!
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