Closing the overgap likely to create resistance $UGAZ
We seeing bullish rotation of the "point of control." Be aware of the overhead "gap" that remains as it will be an opportunity for trapped longs to exit trades with minimal losses.
We will likely see longs who accumulated through Mar/Apr/May take some profits. These actions are likely to create some near term resistance. This may also result in prices dropping to confirm support and build additional market structure around $8 base before attempting higher price discovery.
Good Luck!
We will likely see longs who accumulated through Mar/Apr/May take some profits. These actions are likely to create some near term resistance. This may also result in prices dropping to confirm support and build additional market structure around $8 base before attempting higher price discovery.
Good Luck!