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Market Comments for February 5, 2015

 

Yesterday the market gapped down and struggled mostly sideways during the first hour of the day before finally setting the low the day at the 10.30 reversal time. From there the market rallied to challenge the high the day and consolidated sideways for 20 minutes. It then rallied sharply trading above the high of the day and the high of the last four trading days. The usual lunchtime pullback came along and the market rallied to make a new high going into the close. Just before close it had a sharp selloff due to news that was released turning the daily bar red but that all occurred during the last half hour of the day.

The daily chart is still range bound and looks like it is destined to challenge “3”. On the intraday pattern there is really a key area at “2”. Any morning weakness should hold in that general area so that the market can continue its trip on the daily chart to the area at “3”. However if the market cannot find its bottom by 10.30 and prices break the low the day after that time is likely prices see a test of “1”.