Hey all. Well yesterday RTH opened below two of our key zones but as stated in the plan 33-35 could cap the selling and it did just that. Took us straight back into our bull bear zone from yesterday. Congrats to anyone who got the long yesterday based on the plan.
So going into today....
We have our bull bear zone today at 58.50-60.50. Buyers will need to break above that to gain control and see us higher on the day time frame. Above this area we have 72.50-74.50 ( not 73-74.50 as it shows on the picture) this the the first area we may see sellers step in above the B/B area. However in this bullish environment we would need to see a good setup to short here. However sellers may be able to get us back down to todays B/B area from this resistance. next up we have 80.50-82.50 which really at that point i would only be looking to cover shorts on today day time frame. The better short if the bullish scenario played out would be the next resistance at 89.50 -91.50 which would be an automatic short for me in most scenarios.
Now the other scenario which may pan out is the bearish scenario. Off the open we could test yesterdays value down at 42 - 44 and this is our first support zone. Buyers are likely to defend this for a push to todays B/B zone. After this we have 32 - 34 which was provided great support yesterday however we would need a good setup for a long here given the bearish context down there. We have a support line at 2030 which would be a good downside target. Then finally 19-21 which is a long for me in most scenarios.
Happy Trading and please leave me a comment if you are following the blog this week. Thanks and have a great day.
No comments:
Post a Comment