We will often see BO to BO range bound PA, prior to a continued move in PA. IF one BO hits and the other fails, this is believed to be a signal that PA will return to the "hit" position. Today, that was selling after the bulls failed.
Wednesday, June 13, 2012
TIGHT BO TO BO RANGE THAT FAILED 6/13/12
TODAY we started the US below the short BOT and ran to the BO 5 for support. PA reversed, ran the range and headed for the long BO 5. Stopped slightly below, which begins to raise the expectation that the market may well resume the selling. After the second attempt failed, PA ran the range and once again continued to sell to the BO5 and 10 levels.
We will often see BO to BO range bound PA, prior to a continued move in PA. IF one BO hits and the other fails, this is believed to be a signal that PA will return to the "hit" position. Today, that was selling after the bulls failed.
We will often see BO to BO range bound PA, prior to a continued move in PA. IF one BO hits and the other fails, this is believed to be a signal that PA will return to the "hit" position. Today, that was selling after the bulls failed.
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