Ok gang, jumping off last chart. I discussed the bulls re-entering the original zone of $6345-6493 we had traded within for 2 weeks but the bulls were struggling to maintain the lower portion of the zone. I was scaling into my positions at that time to watch for bulls to form another higher low compared to $6293 and then ideally give us a higher high which would have been getting above $6378.
Bulls were able to form the higher low at $6313 last night and then gave us a nice uptick in bull volume this morning to push for the higher high which topped out at $6440. Thus far, this really does not prove much to me overall for this move other than it now keeps me close to break even on my trade as I will move my SL up to just under this recent higher low. But as stated last chart, $6493, the height of the prior zone we traded in, or call it $6500 psychologically, is where I need to see these bulls push above. Currently perfectly healthy consolidation from this push up. Red flags here would include spikes in bear volume or just a significantly prolonged consolidation (days out again within a small range). Otherwise, bulls ideally want to see some consolidation here today and then a push for that $6500 resistance. After that, will look up towards the low $6800's where we have been rejected at $6823 and then at $6810 previously.
Just My 2 Sats!
Bulls were able to form the higher low at $6313 last night and then gave us a nice uptick in bull volume this morning to push for the higher high which topped out at $6440. Thus far, this really does not prove much to me overall for this move other than it now keeps me close to break even on my trade as I will move my SL up to just under this recent higher low. But as stated last chart, $6493, the height of the prior zone we traded in, or call it $6500 psychologically, is where I need to see these bulls push above. Currently perfectly healthy consolidation from this push up. Red flags here would include spikes in bear volume or just a significantly prolonged consolidation (days out again within a small range). Otherwise, bulls ideally want to see some consolidation here today and then a push for that $6500 resistance. After that, will look up towards the low $6800's where we have been rejected at $6823 and then at $6810 previously.
Just My 2 Sats!
