Following up on yesterday´s post, price action validated buyers defending the $95 area.-
There´s has been some buying response since today´s open into $95.25 – I do not have a clear bias here. However, I will approach this week as usual:
A sustained buying response in in the $95 area (specifically $94.95-$94.70) will make me look into $96.20-$95.90 (if it doesn´t get breached overnight), followed by -a more important) $97.00-$96.60 – ABove that, $97.20-$97.40 makes my line in the sand to look for more upside, followed by $97.75, towards a retest of swing highs.
Price action showed some footing from interested buyers, which propelled it towards the $97 area, specifically, reaching $97.10, pretty on a straight line from the $95´s.-
Although somewhat overextended, I´m seeing acceptance of higher value areas as I am writing this post (5:43PM, ET). Shorter term, the algos I am currently testing have provided a sell signal.
However, I´m leaning into $97.20, as a better trade location (provided other conditions are met, at that level) – which is POC.
Thus, here are some ideas I am working on now:
Continuatioin into higher areas of value. Particulary, I´ll be watching $97.20 & $97.70 to see if sellers decide to act on those levels. Above that, $97.90 and I think if that level is reached, there´s a good chance we see a retest of the end of January highs at $98.25, possibly even higher.
Alternatively, if sellers decide to act on the above referenced levels, I will be watching $96.40, followed by $96.20 and ultimately the area provided by $95.70-$95.30.- Below this area, I would be expecting a retest of $95.-