We sold off after hitting the 14s yesterday. I told myself it was too risky to take any longs in this area. Unless the buyers come out swinging, I am not looking to take any longs here and instead looking at the 02s to see if they hold and short from there. If not I will be looking again at the 14s. If we immediately breakdown and slide further, I will look for a retracement to a base to short from there.
Comment:
When the market starts to distribute like it is now under a supply zone it usually accumulates shorts to push up through it.
Comment:
there are still unfilled orders at 2800