TopNotch Noon Update

Commentary

 

​Good afternoon,

This future has been dicey at best offering small extensions on both end of todays current range. After finding an earlier high spot on the pivotal price it returned for a retest of its early low of 152.28. Last report did mention a move to the 153.04 price which in turn followed with a return to that same low testing twice more in a 15 minute period. That was the fourth test of that low price for the day and with it came another tendency trade which ended up making new highs by 1 tic, current 153.06. That new high was made right around the 11:00 a.m. hour leading a trend back the lows and with it, it finally pushed under the 152.28 price finding new lows heading into the noon hour. It questions if there is a momentum swing which finally finds further erosion taking on the volume value price of 152.21 from Friday, along with a possible move to last Fridays low of 152.12 and first fib 152.09. Charts are also dicey on the upside at this time leaving it with levels of mixed confirmation that stops a continued slide south. Tough to gauge if this future falls apart today. Remember that June becomes lead month tomorrow.

Top Notch

 

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