I’d originally planned on closing this at 790 on the day I opened it, but the market held very, very steady on 795-805 range, making that unworkable. Since then, we have had a quick uptick up to 830 and a decline immediately to 815. Right now we just had a 15-min EMA crossover, the 30-min EMA is converging, and the long-term chart looks traditionally bearish from a TA perspective. I’m anticipating the potential for a big drop with 720-730 as the major resistance point due to recent memory. If we don’t see it, I expect stagnation in this range.
I removed my sell at 790, and we’ll see where it runs off to. Judging from the order book, this is an apparent long shot. Due to the past day or two of absolute stagnation, there is a huge quantity of orders built up at the 790-800 range. If we break through that, though, there is very little resistance all the way down to the low 700s. So be warned: if we pass 780 with momentum, we’re gonna go far.
Karhu sneers at our insolence, etc.