Tests the 111.57 area
The high price from March 23 came in at 111.57. Yesterday the price approached that level, came off. Later in the NY afternoon session, the level was broken. After that break, the price never traded back below.
The high price today moved up to the 38.2% of the move down from the March high at 112.16 and backed off. We are now back down testing the 111.57 level. We should see support buyer HERE if the buyers are to remain in control. A move below, and we could/should see some further selling.
Looking at the daily chart, the 111.58-61 area was lows from February. Going back to mid-January, the price traded in a box defined by those lows and 115.60 on the topside (see red box below). The price broke below that area last week and stayed 6 days below. Yesterday closed above that area. KEY level in trading. Will the buyers show up? Stocks opening a bit softer with the S&P -4.78 points and the Nasdaq down -11.
