Price yesterday made a lower high and lower low
versus Tuesday but closed higher as price found soft support on the MW MA.
Price today has thus far made a higher high but is currently trading
below yesterday's close.
It is still unclear whether Monday was a multi-week
high or merely a multi-day high. If it was a MW high, price should continue to
find resistance at the MD MA as it trades lower into its MW low projected for
2/11. If it was merely a MD high, price should eclipse that high within the
next couple of days.
The hourly chart shows price making a 24Hr high at
daily pivot resistance just after the NY open. Price then fell sharply into its
24Hr low just one bar later, as price found soft support on the MW MA. Price
was able to eclipse yesterday's high in overnight trading, indicating that
yesterday's low was a MD low. We have since fallen sharply in pre-market
trading as price searches for its 24Hr low which is projected for noon. If we
are on the upside of the MD cycle, price should find support here at the daily
pivot; failure to do so would indicate that the overnight high was also an early
MD high; this would confirm Monday as a MW high and we should expect price to
trade lower for the next week.
No comments:
Post a Comment