- Yesterday's candlestick closed as a big bull bar in its upper half with a long tail below. The market gapped down and traded below the March 13 low but lacked follow-through selling.
- The bulls see the current move as a retest of the prior extreme low (Mar 13).
- They want the market to reverse from a lower low major trend reversal pattern.
- At the very least, they want the market to form a larger 2-legged sideways to up pullback testing the 20-day EMA or the Mar 25 high.
- They must create follow-through buying today to increase the odds of higher prices.
- The bears got a retest of the Mar 13 low and saw yesterday simply as a pullback.
- They want the pullback to form a lower high to Mar 25 high, forming a larger double top bear flag.
- They want the 20-day EMA or the bear trend line to act as resistance.
- Today, traders will see if the bulls can create follow-through buying. If they can, the market may trade a little higher towards the Mar 25 high area.
- After a big move yesterday, the odds of a couple of hours of sideways trading early in the day increase.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.