Price looks certain now to visit the teens again as we have entered this downward Pitchfork. It goes without saying what an important support level we are on and what it could mean if we break it.
The vertical red lines on the right of the chart signify the time when settlement occurs on futures. For this reason I am looking to build a short position on Quarterlies for the specific reason that if this were to continue below the first 215 target and possibly beyond the 2nd over a protracted trading period I don't want to be searching for a position with an expiring weekly contract.
If however we hold this support zone it could be an amazing long opportunity but after grinding out the entire month of May in chop I can't see us going back up for more.
The vertical red lines on the right of the chart signify the time when settlement occurs on futures. For this reason I am looking to build a short position on Quarterlies for the specific reason that if this were to continue below the first 215 target and possibly beyond the 2nd over a protracted trading period I don't want to be searching for a position with an expiring weekly contract.
If however we hold this support zone it could be an amazing long opportunity but after grinding out the entire month of May in chop I can't see us going back up for more.