Price yesterday made a higher low, higher high and
higher close versus the prior day, a situation which has become quite
commonplace as price continues on the upside of the multi-week cycle. Price
thus far today has opened above its daily pivot and eclipsed yesterday's high.
There is nothing new to add to yesterday's commentary, so I will direct readers there rather than repeat.
The hourly chart shows price yesterday morning
making a 24Hr low just below the daily pivot and then rallying to eclipse the
prior 24Hr high. Price corrected sideways in overnight trading, making a 24Hr
low above the 24Hr MA in yet another sign of underlying strength. The next 24Hr
high is projected for near the close, and it is possible that it may also be a
multi-day high. If so, when price breaks Session MA support, it should not only
test the 24Hr MA and daily pivot, but likely move below those areas. Normally a
test of the MD MA would be expected before price finds its next multi-day low,
but price has often found support above this level lately due to the strength of
the higher timeframe cycles moving higher.
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