Be on the lookout for a rise and then a drop around mid-session NY time tomorrow. The overhead 100-hr average seems to be approached before drops in recent times. Sometimes it’s exceeded, tagged, or failed to be tagged. Beware of the falling wedge, 50wk sma support, and previous high (weekly chart) support which are the bullish counter-arguments. Looking at the volume profile for the current range which has formed after the most recent drop (hourly chart), the point of control has stepped down to the lower end.
Trade closed: stop reached:
stopped out, I now realize the 115-hr cycle results from the weekly release of the EIA reports.
5days/week * 23hrs/day = 115 hrs/week
5days/week * 23hrs/day = 115 hrs/week