Today looks like more of the same really. Prices trended higher during the overnight session but then sold off right at the regular session opening at 8:30 AM CST. Prices are testing the overnight lows as I am typing this up. I do not see any strong rejection just yet, so prices could still go lower before it is all over. For now, I would call this a range, but prices seem to start off ranging every morning before heading higher or lower again. Today will likely do the same, so be disciplined and follow the price action and let it show you what it intends to do.
As of now, the lack of rejection off of the lows is concerning. Eventually if a market cannot go lower, it will go higher, but the lack of rejection is hinting that prices still want to move lower and that the buyers are not strong enough at that price level to take prices higher just yet. Again, if they cannot push the price action lower, eventually it will bounce some, even if only momentarily. Just know that the rejection at the lows is not that strong for now.
Treat this like a range for now, but be careful buying the lows until we start to see some rejection with more serious buying at that level.
