Half way between all Primary Trading Range levels (PTRs for short) are what we call Mid-PTR Ice levels. Now, I know that some of you are already having trouble with the concept of PTRs; so you'll probably really flip out when you hear about Mid-PTR Ice, but here goes.
PTRs are the strongest horizontal form of support and resistance on any chart. If you close over or under a PTR; that requires a RETEST. If you skip that RETEST; almost inevitably, you will come all the way back and do it, even if it is days, weeks, months or even years later. PTRs are price traps and can contain CONSOLIDATIONS for extended periods of time. (SRPT was trapped between the $25 and $30 PTR 3 months)
MID-PTR ICE is much weaker than a PTR and never requires a RETEST; but is often strong enough to force at least a temporary 180 degree reversal in price direction. We are currently HOLDING in our RETEST of the $30 PTR and will eventually hit that $32.50 MID-PTR ICE AREA. $32.40 is a TRIGGER POINT for both a daily and weekly ABC PATTERN for SRPT. The DAILY trigger requires a close over $32.40 on more than 3.85 million shares, and the weekly requires 10.1 million weekly volume. If we get the volumes required we get the ABCs I identified inmy Monday, March 11 post. If NOT; we willlikely get REVERSED back from that $32.50 area to the $30 PTR again.