ES
ES was bullish going into 8:30 AM EST. Price was EMA positive (EMA+). In three bars, we quickly break the SB and run the range, have a FBO LB, and just as quickly run the range to a BO-5.
After the "trade dust" settled, we have a BOT range and a 50CB, and a support range
DT develops at the LB was a short followed by the long reversal from support.
[08:53] <CM> overrun likely moderate pricing in 24-26 range
[09:19] <CM> es dt potential at 33-34 resist
[09:20] <CM> 29 lower t1 narrow range
[09:53] <CM> and the bounce at 1626
With a strong open bias returning bullish, the BO5 at 1638 and then BO-10 at 1643 were target (T1) one and two.
A gap to the BO-10 turned trading to a short, followed by the second reversal long at bar 40.
The BO-5 reversal to the LB was the second short area and was followed by reversal #3 for the bulls.
T1 and T2 were hit. In fact, the +10 at T2 was estimated in the early AM to be a max range run for the ES.
CL
We actually see the bear 50CB TL break at the bull 50CB. The cross of the bear 50CB at 95.04 was nearly another bull 50CB.
Again, strong gap away from the bull TL is significant for holding a position. When PA hit the consolidation, traders must decide to hold, exit all or part. New traders had an opportunity for a consolidation short (counter trend due to TL gap)
[11:14] <CM> es & cl in a consolidating narrow range oversold this am prior to news now toward over bought es to ema cl likely test last 50cb around 95.50-57
CL hit the low at 95.53 and the 50CB TL where it reversed to bull again breaking into 96 territory.
More consolidation, just a higher price range. A PB to the TL was likely and, if support holds, would be another long consideration.
96.21 was a short with a target of 96.06 (T1) and T2 at 95.90-92.
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