Friday’s downdraft was impulsively bearish, but the good news is that sellers needed a rally and a running start to breach the required two prior lows. Also, their follow-up push failed by two ticks to reach the 33.455 midpoint support. This is sketchy evidence on wish to base a bullish outlook for the near term, but it’s worth noting nonetheless. Alternatively, if bears have any real gumption, they’ll finish what they started Sunday night or Monday by pushing the March contract down to the midpoint pivot’s ‘D’ sibling at 32.915. That number is valueless for a straight bottom-fishing bid because it lies three ticks from a marquee low at 32.930 low recorded last Tuesday, but it will suffice as a place to try to get long if you do so using camouflage. This implies getting long on the first uptrending x signaled from within perhaps 1 to 2 cents of 32.930. I’d suggest using a chart of 5-minute degree or less. Click here for information on how you can do these trades yourself.
