Above is the hourly chart. You can see we mostly just consolidated today. But we did end the day above the 8ema after receiving support from the 20sma, 34ema, and 50sma.
Look at the thick white arrow pointing to the 60 minute opening candle starting 20:00 ET, which is the beginning of the overnight session. That candle opened gap down on a weak looking chart. But look what happened. Rather than continuing downward, which would be a reasonable expectation based on the previous day's price action, we closed the gap, and ran up much further. Crossed all the Moving Averages but the 200sma. Then gave up some profit taking leading into the 9:30 spot market open.
But, look at the 9:30 ET open. You can spot it by looking at the volume. The 1st large bar is the opening candle. We opened gapped up above the 8ema and spent most of the day above the Moving Average cluster.
Its reasonable we'll spend more time bobbling between the 50sma and the 200sma, but I think we're looking strong enough to eventually break through the 200sma to the upside.
Staying long for now.
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