The daily chart shows price yesterday making a
higher low and lower high, closing above its daily and weekly pivots. Price
today has opened above its daily pivot and is trading little-changed versus
yesterday's close. The behavior of yesterday and today is that of price being
on the upside of the multi-day cycle. This was a welcome sign for the bulls, as
it keeps alive the hope that price is still on the upside of the multi-week
cycle, but much work remains to be done. Unless price can move above the MD MA
and turn that average upward then it is likely that price will find a multi-day
high today or tomorrow and turn lower to take out Friday's low.
The hourly chart shows price yesterday making a
24Hr high below the weekly pivot but seeing an early, higher 24Hr low on soft
support from the daily pivot and 24Hr MA, confirming the Friday low as a MD
low. Price was then able to break through weekly pivot support but was unable
to make much headway, stalling below the MD MA. Price again found support on
the daily pivot/24Hr MA several hours ago, but thus far it has failed to surpass
the overnight high.
While price could still take out the overnight high
and indicate that we are still on the upside of the daily cycle, a lower Session
high here would indicate that the overnight high was the 24Hr high; given that
we are in the timeframe to see a MD high, it is possible that it will also prove
to be a MD high. Any move below the pre-market low will confirm that the 24Hr
high has been seen. A 24Hr low is projected for noon, but if price is on the
downside of the MW and MD cycles, it is possible that the 24Hr low could extend
in time.
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