An open auction outside range
occurs when the market opens above or below the prior day's trading range
with little to no directional conviction. The market continues to auction around the opening price until there is enough information or conviction to break from balance
This type of opening suggests that, despite the market's position away from the most recent day's range
, there is a temporary market consensus regarding fair prices. With regard to strength and conviction, only the OAIR
is a weaker opening types
than the OAOR
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