Morning Ideas October 22, 2019
We broke out of this area, albeit on low volume, but we are accepting prices up here for the time being.
I would expect any kind of pullback to come back to the 3000 area and if this breakout is for real, I think the buyers will show back up at that point. If they don't, I would look for 85 again, and possibly lower as this would be a failed breakout.
The low volume is concerning, as it shows little participation on the breakout. I still am not sold on the longs, and definitely not from 3010.
I would expect any kind of pullback to come back to the 3000 area and if this breakout is for real, I think the buyers will show back up at that point. If they don't, I would look for 85 again, and possibly lower as this would be a failed breakout.
The low volume is concerning, as it shows little participation on the breakout. I still am not sold on the longs, and definitely not from 3010.