Prices are rallying again today. Stay with the trend up as long as it remains in play but expect some mixed trading at times and do not get caught off guard if a correction comes at any time. This market wants to go higher, but it is also very overbought. Do not argue with the […]
So far this looks to be another range type day with mixed trading. Prices could take off trending at some point, but this feels more like consolidation after the large rally we have recently seen. If consolidation is in fact what we are seeing, some sideways movement that relieves some of the overbought pressure is
Prices opened lower during the overnight session leaving an overhead gap on the chart this morning at the 8:30 AM CST regular session opening. Prices appear to be working higher in an attempt to fill that gap and are close, but not yet there. The target to fill the gap is at 7164.25. We will
The rally continues and prices are now into all-time new high territory. Prices might be working on a second measured leg up this morning, and if so, that target is up around the 7190.00 area. This has been a crazy rally, and just when you think it can’t go any higher, it shoots up yet
It appears that the range highs on the daily chart are going to hold for now. Prices may take another run at it before the day is over, but as of now, prices appear to be correcting and trending lower. The market is severely overbought, so a correction is needed, even if prices are eventually
Prices are continuing to push higher to what I think is intent to retest the former range highs on the daily chart. Should prices go higher from there, then they are in all-time new territory, so we will just have to see where the next target might land. Note that prices are very overbought, so
The rally continues again today. This thing went from so oversold to suddenly very overbought. My guess is that the upside target may be the range resistance on the daily chart. With prices so overbought, we might get a correction first, but that appears to be our next target to the upside. After that, we
Prices gapped open during the overnight session, leaving a large overhead gap on this morning’s chart at the 8:30 AM CST opening. Prices then proceeded to rally in an attempt to fill that gap. Prices are close to filling the gap at this point and that target is up at 6863.75. The gap down at
While prices are higher, they appear to be in a range for now. We will have to wait and see if prices can push through the overnight highs or if they will turn lower again. While this could end up as a tight range, we could see prices trend in either direction before the day
Prices look to maybe be in a range so far this morning. Prices are choppy and trading inside the overnight highs and lows, so we are certainly in a range at the moment. That does not mean that prices will not trend in one direction or the other before the day is over, so stay