12/06/11 Updated Levels & Plan
Yesterday we gapped higher and were unable to find acceptance above the 11/11 high and into the 11/08 profile. We had a midday break and traded with in the range from Friday for the rest of the session. We were unable to break yesterday’s overnight lows and the CHVN at 1248.50 held as we moved higher into the close.
Yesterday’s VP Chart:
Yesterday’s MP Chart:
Overnight we’ve rejected prices below yesterday’s low and prices in yesterday’s upper distribution (58.50 to ~66). We’ve largely found acceptance with in the lower distribution (58.50 to ~49).
Overnight Trade:
Coming into today, we have another day light on US data. Our immediate reference point is 58.50-59. This is the separation between the 2 distributions from yesterday. An inability to find acceptance above this level would set up possible targets of a gap fill at 55.50, 52 and 49. A failure to hold above 49 would set up possible targets of ~46/45,, gap fill from 12/02 at 44 and a CLVN at 41.25.
Finding acceptance above 59 gives us targets of 63/63.50 (yesterday’s nVPOC), 66 (yesterday’s high). Holding above 66 we could have quick targets of 68, 70, 71.50 and 75.
Updated Levels:
