Review & Plan - Friday
We saw a trend down morning with longs failing to hold support at the 64-65.50 initial support zone. This would have been a sign of strength from longs and given more bias to a breakout higher through 73.
From yesterday's note:
Acceptance below 64 puts chances of continuation lower to 53-54.75 or 46-49 intermediate bull/bear.
There was a strong initial reaction from the 46-9 zone as the market had got very short intraday and pressure was on to cover once back inside the prior day's range.
Overnight has tested the bottom of the 46-9 zone. We've seen bearish daily price action within a composite high volume area. Trade continues to move from one side of this area to the other so it's important to be flexible with any short term biases.
Zones for Today:
Economic data due here.
Overnight bull/bear 57.50-59.50 - acceptance above and looking for rally to 71.50-73 zone potentially, acceptance below and retest of overnight lows and if intermediate bull/bear breaks, a move to 40.50 or lower