The daily chart shows price yesterday making a
higher low and higher high. Price today has opened above the daily pivot but
currently trading below it and challenging yesterday's lows.
We are past due to see a multi-week high, and a
multi-week low is projected for tomorrow.
The hourly chart shows price making a 24Hr high
early afternoon yesterday and price has traded down since. We are past due to
see a 24Hr low, but if we are on the downside of the multi-day cycle this is not
unexpected. Price may want to visit the blue MD MA before finding the 24Hr low;
conversely, it could put in a 24Hr low soon, followed quickly by a lower 24Hr
high below daily pivot and 24Hr MA resistance and a resumption of the move
down.
I referred to yesterday as "Turnaround Tuesday" as
I believed that it would mark a multi-day high and possibly a multi-week high.
It appears that it did mark the former, we shall have to see about the latter. I
am short from yesterday afternoon and will hold these shorts until we visit the
blue MD MA below. If we bounce before reaching that MA, I will look for a 24Hr
high at daily pivot/24Hr MA resistance to add to my short position.
No comments:
Post a Comment