Yesterday we saw a penetration of a previous range, likely shaking out a lot of stops/trailing stops for long positions. We've traded back into that range and have seemed to have found support off the bottom. If it continues to hold, it's possible to see a move to the top of it again. If it breaks down and out again, there's a possibility for it to act as resistance which would create shorting opportunities.
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Went long as price was testing the range bottom zone.