Bulls have been trading sideways to build support at $54 all night, and if it breaks it will set the tone for a pullback this morning.
When support is this clear, we look for a bunch of traders to have stop loss levels under this very clear support level.
Bulls saw nice continuation to $56, seeing about a 10% bounce from the dump lows.
The oversold bounce has played out significantly at this point which has us more cautious and I personally exited all my position last night.
A break of $54 would be an indication momentum is shifting back to the bears.
Psychological numbers $55 and $56 resistance coming into play consistently.
When support is this clear, we look for a bunch of traders to have stop loss levels under this very clear support level.
Bulls saw nice continuation to $56, seeing about a 10% bounce from the dump lows.
The oversold bounce has played out significantly at this point which has us more cautious and I personally exited all my position last night.
A break of $54 would be an indication momentum is shifting back to the bears.
Psychological numbers $55 and $56 resistance coming into play consistently.
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