2.16-17.23 Review: Thursday we failed to continue over 4170 and failed to hold 4143-37 which gave us a move to our lower target down at T2 low and a break of 4103-4099. Friday we opened at potential support area and were able to hold it during the day due to short covering before the weekend with a move back towards potential resistance towards the close but failed to get over it and get back towards 4100.
2.21.23 Prep: We are not counting Sunday/Monday action because of the Holiday. Currently inventory is short compared to Friday's close, we are under T2 low, barely inside Previous dat Range and are under Daily Support. Will we see continuation today and how far can we go? We will have to see what they got in store for us, we have now accepted in this 4080-4030 range, currently still have support at this 4061-56 area. Since inventory is short we might see some correction before or after open and from there we need to see if we will get a continuation move today or a reversal back towards 4100. For any move higher to sustain I think we would want to see price take out 4084-77 and base there before moving over 4100. For continuation lower we want to see us holding under 4084-77and eventually take out Previous day low and continue, Our next potential support is under 4030-25 which would be our next Daily Support at 4015-3990. The way we are looking today, we should see some continuation but anything can happen and we could balance some more. We have supply now but we also have shorts covering each step lower which is giving us these holds, until we see us run out of supply or a big bid come in direction could still be lower with 4030-15 and under an area where we could see buying.
Levels to Watch:
Resistance - Key Daily 4123-4100 Key Intraday 4084-77 // 4103-4099
Support - Key Daily 4012-3990 Key Intraday 4046-42 // 4030-25 // 4012-08 Current ? 4061-56
*** Treat today as Monday and it might need time to show the move this morning. Watch where we open
2.21.23 Prep: We are not counting Sunday/Monday action because of the Holiday. Currently inventory is short compared to Friday's close, we are under T2 low, barely inside Previous dat Range and are under Daily Support. Will we see continuation today and how far can we go? We will have to see what they got in store for us, we have now accepted in this 4080-4030 range, currently still have support at this 4061-56 area. Since inventory is short we might see some correction before or after open and from there we need to see if we will get a continuation move today or a reversal back towards 4100. For any move higher to sustain I think we would want to see price take out 4084-77 and base there before moving over 4100. For continuation lower we want to see us holding under 4084-77and eventually take out Previous day low and continue, Our next potential support is under 4030-25 which would be our next Daily Support at 4015-3990. The way we are looking today, we should see some continuation but anything can happen and we could balance some more. We have supply now but we also have shorts covering each step lower which is giving us these holds, until we see us run out of supply or a big bid come in direction could still be lower with 4030-15 and under an area where we could see buying.
Levels to Watch:
Resistance - Key Daily 4123-4100 Key Intraday 4084-77 // 4103-4099
Support - Key Daily 4012-3990 Key Intraday 4046-42 // 4030-25 // 4012-08 Current ? 4061-56
*** Treat today as Monday and it might need time to show the move this morning. Watch where we open
Comment:
Broke support under 61-56 and failed to get back over in RTH. Holding under Previous day and T2 lows gives good chance for margin calls. Watch if we can reach daily Support today
Comment:
IF we break 4030-25 watch if we can reach 4012-08 IF we can then that opens door for 3994-3990 and 3976-71 as next potential area with buyers
Comment:
Watch this break if 4012-08 goes we watch our lower target and IF we get enough volume 3950 area not out of reach for today.