Normal
The new price levels have attracted sellers (supply) has come in to the market.The last bar is a very strong signal that prices have reached their peak for the short term at least.On the face of it a 5c rise looks good but don't be fooled, there was a strong rejection from well over a dollar.Also a copy of the preceding price action (5th and 6th bars) so it could be likely that we will get the same consolidation as before.Definitely i.m.o should be out of this trade if you are an intra day trader, if not a sell stop on a break of previous close.
The new price levels have attracted sellers (supply) has come in to the market.
The last bar is a very strong signal that prices have reached their peak for the short term at least.On the face of it a 5c rise looks good but don't be fooled, there was a strong rejection from well over a dollar.
Also a copy of the preceding price action (5th and 6th bars) so it could be likely that we will get the same consolidation as before.Definitely i.m.o should be out of this trade if you are an intra day trader, if not a sell stop on a break of previous close.
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