The daily chart shows price yesterday making a
lower high and lower low but closing little-changed versus Monday's candle. Price found soft support on the MD MA yesterday and today has opened above its
daily pivot and is trading slightly higher; this keeps open the possibility that
Friday was merely a multi-day high and that the MW high, projected for today,
has yet to be seen. Of course this can only be confirmed by eclipsing the
Monday high within the next few trading days, whereas a break below yesterday's
low would be a strong sign that the MW high has been seen.
The hourly chart shows price making a 24Hr low and
likely MD low on MW MA support in yesterday's pre-market trading. The MW MA was
tested again six bars later for a higher session low and then price was off to
the races, blowing through 24Hr MA and daily pivot resistance.
It is unclear whether price saw yet another early
24Hr high after the close and a 24Hr low in overnight trading; technically the
conditions for each were met with the turning of the gold Session MA and a lower
Session high (for the potential 24Hr high) and higher Session low (for the
potential 24Hr low). If so, then price should find support at the Session MA
for a session low and trade higher in search of its 24Hr high projected near the close. If an early 24Hr
high and low were not seen late yesterday, the high made several bars ago is
likely the 24Hr high and Session MA support should fail as price tests the 24Hr
MA or daily pivot for its slightly overdue 24Hr low.
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