Lot of traders got punked in the fake down move, and price is coming down some more rescuing them. Price pops when they buy to cover... I can see volume spike (as it shows on the chart now) when they do cover. The anatomy of trading. Now what will happen when all those panicking shorts who didn't set stops finally clear out by covering? Where will price head then? My intuition thinks lower into the $58.20 area. It's hard to know for sure because one has to estimate the overall weakness and strength of the market for the time being.It has been weak-ish most of the day. The deep 1:45 red candle is a signal...
UPDATE: Blogger is really slow to upload charts and this one has taken over twenty minutes to get posted...
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