Good morning for Tuesday, June 12th. The daily chart shows price yesterday making a higher high and lhigher low, but with a close at the lows of the day and below the daily pivot. Price failed intraday at the MM MA and closed at weekly pivot and MD and MW MAs support. Price today has opened below the daily pivot but has found soft support at the MW MA and weekly pivot and is testing the MD MA from below. Just as the MY MA turned the multi-week cycle earlier than projection, the MM MA appears to have turned the MW and MD cycles slightly ahead of projection as well. If yesterday was a MW high, price should have difficulty eclipsing yesterday's high until it puts in a MW low projected for next Monday. Coming out of a MM low it will be interesting to see if the weekly pivot can continue to provide support and create a sideways correction in the search for the MW low. It is possible, also, that yesterday was merely the turn of the MD cycle, and that the MW cycle high is still right-translating; for this to be the case, price would have to revisit yesterday's high in the next couple of days. I don't think this is as likely as yesterday being a MW high, however.
The hourly chart shows price yesterday with a trend-down day, eventually finding a 24Hr low hours after the NY close. Price is currently overdue for a 24Hr high, typical after the right-translated 24Hr low coming out of a multi-day high. Similarly, after the right-translated MD high, we are currently overdue for a MD low. Price is currently finding resistance at the 24Hr MA and support at the MD MA. A session cycle low is projected for an hour after the NY open.
No comments:
Post a Comment