Edge
Looks like price could retest the 1068 level today, with 1072 and 1077.50 as target if the buyers stay committed. To the low side price could see a test back to 1060 and then 1054 support, with 1043.50 as an extreme low. This is where we will be looking for decision on the direction for the next move. Let’s see who takes it.
Overnight prices moved to test the 1037.50 area of support, while finding support price has turned and is moving back to test the 1046 area of resistance. Today’s price action could see price test the 1048 area of support with 1050 and 1054 to follow with the buys controlling the day. To the low side we could see price retest out 1037 area of support and with some volume perhaps move through to test 1020.25 and even 1011 area with good seller volume.
With Friday’s trading see just about every level possible for the day, the buyers came in aggressively after 10am and took prices from 1037.00 support back up to 1066 area before close. Today’s range could tighten with support in at 1060 and 1054. With a push of volume we could see 1049 area of resistance again. To the high side we could see price fight with resistance on the 1065 area and with a breakthrough resistance there price could move to retest 1072 and perhaps 1077.50.
