Prior to ER bulls were gaining a footing with a higher low on the daily chart. ER slammed price into the supply zone which promptly smacked price down (The supply zone is outlined in white). Its hard to determine what the likely price direction is after a catalyst so I'll provide some thoughts for both the bulls and bears.
Bears, I'd wait for multiple closes below $136.74 before entering short. Be patient.
Bulls, that supply zone is going to continue to cause trouble in a weak market. Scalpers can enter near $136.74 but be ready to stop if buyers fail to show up, watch for resistance at $140.22 though.
If we don't open below $136.74, I feel like we will chop sideways while the market chooses a direction.
Bears, I'd wait for multiple closes below $136.74 before entering short. Be patient.
Bulls, that supply zone is going to continue to cause trouble in a weak market. Scalpers can enter near $136.74 but be ready to stop if buyers fail to show up, watch for resistance at $140.22 though.
If we don't open below $136.74, I feel like we will chop sideways while the market chooses a direction.
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