The Title Song..”Same Old Song and Dance”..by Aerosmith comes to mind as I review recent price action this morning. Price pushes higher to key resistance…chop…chop..Buyers get their fill..and WHAM!…Algos enter and smash price lower to key support…chop…chop and the “same old” sequence repeats. This has been the pattern the past 4-weeks, and will likely continue until there is a definitive dominance shift between bulls and bears.
The KEY Bull/Bear Zone remains 1859 – 1861…Any violation of this zone and successful conversion calls for reassessment of Bulls resolve…Lower price targets deep into 1847 – 1850 zone. Near-Term support is 1865 – 67 zone which has held in overnight trade…The Three-Day Central Pivot Zone (3D CPZ) has begun to overlap around the 1872 handle, suggesting more range-type consolidation trade anticipated. Key price edges we’ll be focusing on are 1865 – 1878…Price is fairly loose and can move freely within this zone. STAY FLEXIBLE!
Stay Focused on the Trading Process….Not the Outcome….ALWAYS USE STOPS!
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