Just like a double edged sword the blue dashed dual trendlines cuts in both directions. Above this dual trendlines it acts as support but once price falls below it the other edge acts as a resistance. Early bulls who did not take profits were slaughtered by this sword as the market closed below the opening price and now sits at the light green immediate support band.
Besides the blue dual trendline resistance acting as a butchering knife other resistances include
1. Ichimoku Kumo
2. 20 SMA
3. Pink resistance zone
4. Dark green resistance belt
Take note that support failure of the light green band will see this Yangzijiang ship heading for rough seas and will challenge the following supports
1. Orange zone
2. Light blue support area
3. 200 EMA
4. $1 mark
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