February 8, 2021 — MONDAY AM
The ES, NQ, and Crude Oil are each trading within very narrow trading ranges ahead of the RTH open. These ranges are forming above the previous week’s high price, which could become a bull trap. A failure to hold above wHI may open up a rotation back to the weekly pivot range below, but pullbacks remain buying opportunities until proven otherwise. Gold is bouncing back above 1800, which opens up a short term rally back toward 1848.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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