Wednesday 3/11/15

The daily chart shows price yesterday making a lower high and lower low, closing below the monthly pivot and the MM MA. It should be noted that price is still above the value of the MM MA based on the monthly chart shown in Monday's post; while it is below the MM MA on the weekly chart, it has three trading days left to rectify that. A MW low is due on this daily bar, but this is a time projection only and can easily be early or late. When the MW low is in, price will eventually exceed the level of the declining blue MD MA, turning that average back up. We will then see how much energy the bulls have left.

The hourly chart shows price making a 24Hr Low just after the NY close. The 24Hr high is overdue. Price has managed to squeak above the 24H MA, and has fallen back to test it for support near the time window for a session low. It is possible that the brief foray above the 24Hr MA was the 24Hr high; if so, price will make a lower session high early afternoon then retest the overnight lows. If the 24Hr MA provides support, price should make a higher session high and likely probe daily pivot resistance near 2054.50