Yesterdays move was bold and quite a bit more powerful than expected. Take a moment to review my chart from yesterday, this boxed in area we're currently creeping into should pose a challenge.
resistance
We have an unconfirmed trend-line to keep an eye on, I've used a dotted line to signify that this trend does not have 3 touches, so it is not confirmed.
We have our volume at price point of control at $145.84 area to watch for, you'd be surprised how frequently price reacts to the point of control (POC).
If bulls can push above these levels and push above that $149.51 level, we can find legs to the $155-159 area.
support
If we either sell off, or reject at one of the above-mentioned levels, watch $144.35, $142.05, $139.43 to hold as support.
My sentiment
I find it unlikely that we'll have another powerful day like yesterday today. So I'm watching for rejection within the gray box area.
resistance
We have an unconfirmed trend-line to keep an eye on, I've used a dotted line to signify that this trend does not have 3 touches, so it is not confirmed.
We have our volume at price point of control at $145.84 area to watch for, you'd be surprised how frequently price reacts to the point of control (POC).
If bulls can push above these levels and push above that $149.51 level, we can find legs to the $155-159 area.
support
If we either sell off, or reject at one of the above-mentioned levels, watch $144.35, $142.05, $139.43 to hold as support.
My sentiment
I find it unlikely that we'll have another powerful day like yesterday today. So I'm watching for rejection within the gray box area.
