This is an idea to trade and identify intraday levels off of. Volume has been present in the market. today price ran out of steam a bit after the open... overall good momentum to the upside on a strong parabolic rally. A small bearish turn here would not surprise me as one could argue that price is due for a correction while traders re load and take profits.
my 2 key levels are based on pretty apparent levels where money either flowed into or out of the market. they are in confluence with a 61.8% retracement from each respective swing low and swing high. if price fails below the neckline of our most recent parabolic rally, this will show me that buyers are not totally in control yet.
With most recent price action and volume and i am looking for price to break above that $950 level and rally into 1000 where i expect price to be met with bearish pressure.
my 2 key levels are based on pretty apparent levels where money either flowed into or out of the market. they are in confluence with a 61.8% retracement from each respective swing low and swing high. if price fails below the neckline of our most recent parabolic rally, this will show me that buyers are not totally in control yet.
With most recent price action and volume and i am looking for price to break above that $950 level and rally into 1000 where i expect price to be met with bearish pressure.