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Market Comments for March 6, 2015

 

Yesterday the market gapped up and cleared the key resistance area that was marked on yesterday’s 15 minute chart. This led to a bullish rally that lasted until the high of the day was retested going into 11.00. That caused a decline that did not set the low the day until 1.00. From there the market rallied back halfway.

Note that prices have formed very similar patterns every day for the last three days. Every afternoon the market consolidates leaving us a firm focal area for the next day. On Tuesday the market went under that area and fell hard. This morning prices went above that area and rallied in the morning. Prices have formed a similar area today with bullish activity likely over “1”, and bearish activity under “2”. However the whole pattern may remain somewhat contained as it is looking more like the daily chart may continue a sideways pattern for a while, but that will all be up to the intraday pattern and right now the key support area for the daily chart is at Tuesday’s low.