Strong Start to Tuesday – Still Bearish Though
Friday’s low volume nodes are still out there waiting to be filled and after failing to do that yesterday, we are looking for that to happen today. If we can start to fill those areas out, it will make a short much better value. We closed the Monday gap late last night and have already taken out the high from yesterday as well.
Targets are 12330-12370 and from here I would be looking at reasons for shorting. Right now though, short-term, we are in a bullish phase, price has some correcting to do, just be careful of being trapped. We are expanding outwards on this move higher, printing a high around 275 with a doji. If that doji works out to be a balance point then we have a target area of 336, exactly in that zone.
VWAP is currently 233 at the time of writing, so I will watch for a reaction to that, as it may be a good entry point.
Overall, the technical trend is bearish and I want to look for reasons to short from higher levels. But if an opportunity comes to take a long, I will.
|LVN||12261 – 12314|