The Bollinger band Pitcher is in the pour mode on larger timeframes, except the daily but yesterday the daily gave a mixed close after some negative news and today more clouds rolled in. The 240 is rounding for a pullback. if Asia take's us higher than 2am should take us lower 80 to 75 should be support for a possible long entry News is always a driver and weekends sometimes bring surprises.
LOoking Like the Low 50's is the area of support, we are over extended beyond the outer B-Bands. Entering into the weeks past 240mn channel zone. If we don't get a mixed close on the daily we run risk of lower prices and a possible longer term directional change. Thing to remember, is that this is a news driven move and can at any day turn on a dime.
The 51 area is the lower end of this channel, if taken out than we should see support around the 28 area. Gap close?
Todays Bounce and the dailies slight midrange recovery has brought some relief, but my concern is where we stopped, we could not take out 76-77 area. This indicates that we may pull-back hard. Why? Because Trumps dark storm of negativity is still hovering overhead and the Media outlets continue to stream sour notes and insults. Yup, me thinks we have something brewing in the kettle.