Tuesday 3/8/16

Price yesterday had an inside day versus Friday, with a slightly higher low, slightly lower high and slightly higher close.  Price thus far in today's candle has opened above its daily pivot but has traded lower to test the MD MA.  This test of the MD MA was mentioned yesterday and confirms Friday as a multi-day high.  Whether Friday will also prove to be a multi-week high remains to be seen.

 

If February saw a MW high, as seems likely, then the next MW high is not projected until 3/15. As mentioned in yesterday's blog in the weekly chart commentary, price is up against the MY MA, which could easily provide resistance for price to see an early MW (and MM) high.  Should price find support at the MD MA and make new recent highs, it seems likely that we can expect price to continue rising into next week's projected MW high.  Should price fail to find support at the MD MA, it will indicate that price has finally seen its MW high. 

 

 

 

The hourly chart shows price yesterday making a lower 24Hr high early afternoon and dropping in overnight trading where it appears to have found support on the MD MA.  It is possible that price is now merely rising into a Session high, as the 24Hr low is not due until 10:00am EST, but it is more likely that the MD MA put in support for price to see an early 24Hr low.  The 24Hr high is not projected until mid-afternoon, and where this high is made will be very informative.  If price is still on the downside of the MD cycle, price will find resistance for its 24Hr high at the 24Hr MA or daily pivot.  Should price instead eclipse these levels, it would indicate that the overnight low was a MD low and price is now on the upside of the MD cycle.  As mentioned above, price eclipsing Friday's high would indicate that price is still on the upside of the MW cycle and we should expect price to continue rising this week.