Volatility index reveals support and resistance

Source: Dukascopy Bank SA


The US stock volatility index has revealed that it has support at 13.40/13.80 and resistance at 19.40/19.60. Most recently, the index bounced off the resistance zone and started a decline.

An extension of the ongoing decline could find support in the 16.00 mark, which has shown to be capable of acting as support and resistance. Below the 16.00 level, it is likely that 14.75 level might provide support, before the 13.40/13.80 zone would be reached.

However, an increase of the volatility index is set to face resistance of the 19.40/19.60 zone. Above this zone, note that there is a wide range of resistance at 20.30/22.20.
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