Please begin with the daily first. The point and figure did the only bullish thing it could have done today, it went straight up. Either we will build more count for a larger down move as the lower low would suggest, or we have made a spring and a new bull move is about to begin.
Please begin with the daily first. I am trying a new way to upload charts and I did it backwards.This was a strong upward move that began with the spring at 87.59. Buying power was strong enough to take out all areas of resistance easily and prices gave back nothing on reactions. The largest reaction seems to have been about 0.3 points. At no point did this market make a lower low, so the upward trend on the intra day continues. The strength of this move smacks of short covering, but as we have seen many times before short covering can carry this market a long way.
I misread yesterday's chart. The oval encloses 4 days of closes that are about equal, implying demand overcoming supply. Wednesday was a high volume spring and Friday was its test. Prices were supported by the lower trend line. All that being said the relatively low volume today does not lend strong support to a new bull move. The short term trend is up and I am not one to argue much.
I misread yesterday's chart. The oval encloses 4 days of closes that are about equal, implying demand overcoming supply. Wednesday was a high volume spring and Friday was its test. Prices were supported by the lower trend line. All that being said the relatively low volume today does not lend strong support to a new bull move. The short term trend is up and I am not one to argue much.
