We came in today to a very slow market overall going in a range for the most part of the morning session. This led into the inventory numbers which smashed price higher kicking it out of the range mentality forcefully.
This large move higher is likely going to have buyers waiting to buy the pullback thinking they missed the move up and chasing it which should cause a nice quick bounce for the move to finish itself off to the upside before going into a range.
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