The good news abounds as the Weekly S2 WoodiesPivot was another five handles beyond the Low tick today. Secondly, is that we are above the daily Woodie'sPivot, and better yet, we formed what appeared with my eyes on this 6765 Tick interval to be double bottom on the Monthly S1, but in fact was a tick away from S1 & then bounced significantly and cleared without retest the Option Expiration WoodiesPivot now from above. So as it turns out it was a Failed New Low (FNL): so an even more optimistic sign for the call buyers and put sellers heading into today's trading.
The 3 & 4 Day Interval Woodie's S1 Pivots are a tick & 3 ticks away to the topside respectively. Again, there was a significant run off of the low tick to this area. Initial reaction was a turn down as price came up with a trade to the tick at S1 from below. This level coincided with the 2 DayPivotPoint as well, so there is quite a confluence of support here. Now we are right at the crest of the 4 DayPivot and clearing there we still have Woodies S1 3 Day, and PP 2 Day to mount. From there we should see some smoothe sailing up as a swifter move takes price to the next level, Monthly PivotPoint, which is four handles away once the current barrier is cleared.
Beyond that, I would forecast more swift movements to the upside, fueled by short squeezes and disappointed sellers as well, but for this analysis, because the next upside objective is Daily R1, one tick above Monthly PivotPoint. Quite honestly, breaching and holding that level, I cannot foresee the Daily R1 mounting much resistance to the bulls. From there another eight handles up is Daily R2, followed two ticks higher by Weekly S1. That area is most certainly going to provide some stubborn bears, in your humble narrators myopic view. As always, Trade What You See, & thanks to Larry Pesavento for instilling that in me as a young impressionable trader. The market will teach you something new everyday if you're a willing participant. Good luck trading, friends. Go easy. Enjoy your weekend, those who check out early...dWb
No comments:
Post a Comment