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  #956 (permalink)

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If you look at the daily, we've just ever so slightly peeked above the prior resistance level. If this truly becomes support, we should trade into the 3500 area. If this proves to just be a failed breakout attempt, I would expect a return back to 3000's, where we will once again see if that support holds or breaks. If breaks, then down to 2700 is a possibility.

So a long right here would need a wide stop in my opinion, as price could very easily fall back into the range of the last few days and trade near 3000 before once again exiting that sideways accumulation and moving higher.

A short would be better served until we move down a bit back below 3200. Depending on how well 3200 is supported or not, I would see a short working down to the 3100 or 3025 area or so, which is basically the consolidation range of the last several days.


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