Big dip today, but still inside the Bullish Flag candlestick pattern. Notice there was enough buying before the close to get near the 8ema. Also notice the Bollinger Bands are inside the Keltner Channel and Stochastics are mid-range.
The above observations convinced me to disobey my usual trading style and not sell the position. Being in a messy consolidation, with a Bullish Flag and BB/KC Squeeze forming, suggests I should give less weight to the candlestick analysis, and we'll be getting a breakout soon. So, we want to give this chart wider than usual leeway.
The counter-argument is that this contract expires on July 14th and the July contract no longer has the highest Open Interest. This could mean we may not break out of this consolidation before expiration. Also, I should consider the possible influence of an emotional resistance to taking a loss if we exited today.
The roll forward from the July contract may be the cause of the less than Bullish price action the past few trading days.
Well, I made my decision and we'll see what happens.
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