The market is rallying so far this morning. What looked to be another possible range day has seen prices shoot right through the overnight highs and continue upward. Prices are pulling back as you would expect, as they will want to test the overnight highs even if they will continue higher. There is a break of the two-tiered channel now, so a retest of the highs could see prices change in some way, although the uptrend could easily re-establish itself and continue moving higher.
If you look to the daily chart, you can see prices turned up right off of the long-term range lows and have been trending higher since then. For now, the range on the daily chart continues to hold prices so respect that range until the market shows us otherwise.
