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Today’s Big Cake Scare Show
Operation:
More near 795-803
Watch: 810-820
In a choppy market, manage risk and positions reasonably, and only grasp the rhythm within the range.
Yesterday, the Big Cake was spurred by developments and surged then pulled back. During the night, volatility stayed tight, and the price action was rather dull.
Today’s early session saw a rapid dip. After the daily chart’s high-to-low reversal, it steadied on support by leaning on the upward trend line, and short-term bearish momentum has weakened.
The current market is mainly range-bound, with key negotiations continuing to battle it out. Price on the screen will repeatedly tug back and forth, so don’t make a one-way short-term assumption.
Key reminder for crude oil: at low levels, avoid blindly chasing shorts. After the positive news is realized, it has repeatedly shown a pattern of bottoming out, probing, and rebounding for repair. #BTC