Monday, July 11, 2016

Market Psychology of a Range Morning On Crude Oil Futures;

We came in today opening inside the huge bull doji candle from Friday and, without much surprise, it acted as a level of support and resistance. This told us that we are more likely in a range and to be looking to fade the highs and lows of moves and assume breakouts will fail.

We had a gorgeous drop off the highs of the move with buyers attempting to get something going at the lows but failing. This led into a large breakdown that was likely going to get some continuation before failing to go along with it until you get clues to get out and go right back the other way. The important thing is to never lose track that it is a range day!

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