Tag Archives: acceptance

Seven Day Trading Range

Wednesday’s high is exactly at the prior close and midpoint of the trading range:
 high of day exactly at prior close and range midpoint
Wednesday’s low failed to fill the gap from April 24th at 2374.00.

Price acceptance below the prominent point of control and close from Wednesday (2382.25/.75) could target Wednesday’s low at 2375.50 and potential 2374.00 gap fill. Acceptance into the April 24th balanced profile targets the poor low from that day at 2365.75, and potentially the gap fill from April 21st.

Acceptance above the point of control and prior close on Thursday targets Wednesday’s mechanical high at 2386.00, a weak reference. Trading above 2386.00 would stop the daily one timeframing lower, targeting the highs from May 1st & 2nd, and potentially the trading range high.

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