This is a very neat chart. We have clear levels to watch and play off. If the Rounding Top confirms this is going to be a long-term Short play.
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This chart has been a blast to follow. It's really neat how much this set-up has changed in a few days. The Bulls are putting up a good fight and have flipped the script. It's time to watch for possible a Long position. Looking for a break of resistance, or a play off support. But it's not over yet. Until they can close over 32.25, the Short play is still in play.
Happy trading, Charles
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Also worth noting: 31.20 has become solid support
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The Bulls aren't going down without a fight, that was a strong -looking- bounce today. BUT there wasn't much resistance at that level, also note the low volume. I'm scouting to reload my short position around 31.50 depending on how things look tomorrow. If it seems that the Bulls are going to run this over 31.50 into the close then I will hold off.
Well today was exciting. You know you're a nerd when: You're excited about a chart, not because of the potential to make money; but simply because you like the chart.
We closed above 31.50 resistance and negated the bearish reversal candle. However, it rejected from the upper BB. So now we have a new recent higher high by .05 or a double top? (I am not going to decide, I don't want to argue if .05 is considered a higher high :p ) This is an interesting set-up, we have arguments for the Bulls; but if they can't produce some momentum then the BB will drag the price back down.
We closed above 31.50 resistance and negated the bearish reversal candle. However, it rejected from the upper BB. So now we have a new recent higher high by .05 or a double top? (I am not going to decide, I don't want to argue if .05 is considered a higher high :p ) This is an interesting set-up, we have arguments for the Bulls; but if they can't produce some momentum then the BB will drag the price back down.