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Assessment: The past 6 trading days, after a move from the $420 support area, we have simply gone sideways. Is this a consolidation before moving higher or just a period of indecision. It seems like the bears don’t want to sell and the bulls don’t want to buy and there is no catalyst to push one side or the other. I can say, of the past 6 trading days that four have been green candles and two have been red candles…and both red candles have more volume than any of the green candles. So, that leans things bearish.
However, for bears, this little pop and sideways movement was vital to remove oversold pressures and lower the bearishness in the market. With that now in check, we could be poised for a larger move in the near term…like this week. A break below $430 and a new leg down is underway. A break above $440 and the bulls are running a bit…need it to be backed by volume though…to show conviction.
Good luck in your trades!