VG – Consolidated For The Past 5 Days

VG – After breaking out price has consolidated for the past five days. Yesterday’s candle was a Bullish Engulf, both the 2 and 3-day charts have formed continuation patterns. The T-Line has now caught back up with the gap and price has closed over the upper T-Line Band for the past six days. The 34-EMA has turned up after tangling with the 50-SMA.

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► Eyes On The Market

The Bulls tried hard yesterday but could not close over our $258.45 line; this shows strength with the Bears at that level. The morning futures are suggesting the $256.00 line likely to be challenged; the 50-SMA has a high probability of being tagged. Weakness today could put price under the Volatility line and start a T-Line run to the downside.  Remember the two most important lines we talked about yesterday in the trading room; they will give us the clues we need.

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Rick Saddler is not a licensed financial adviser nor does he offer trade recommendations or advice to anyone except for the trading desk of Hit and Run Candlesticks Inc.