NAZ will try for the break out above Red TL. 10/6 was a Squeeze Pop day with an Overnight prop (air pocket) into 10/7. I mentioned that the air pocket would pop, it now has. 14770 is good support for Long, bottom of new channel, air pocket cleaned out and NAZ struggled to get lower on Friday. Expect propping on Sunday, the NAZ will try and create as much distance as possible from recent lows and will need to retest upper Red TL.
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14704, Go Long and let run at 7PM CT 10/10
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7:45 CT 50 poin bounce off Long, may retest low, stay on Long side.
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14704 Long Hit 14778, retraced to 14724 an is now at 14750. Should continue up as Overnight plays out, place stop at Buy in.
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The previous run to 14750 , went to 14800 and then tested Low at 14720. All 4 Update, could see bounce today:
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Hard to see, but NAZ is struggling to stay down. Looks like these are lower level tests to check support, next move should be up and away. Upper Red TL is 1st target. If not, 14600 is next lower target.
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2nd (New) Long at 14700 level, 1st target 35, 2nd 50 and 3rd is 14800. If you are not Long, wait until NAZ passes 14728.
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NAZ PB Support at 14693 for add to Long.
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PB Support now at 14720
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35 Hit, Next 50 and 14800. Open may wiggle some or just go Up.
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Struggling at 50 and Open is 25M away, Taking profit on 2nd Long, Will reup on dip after Open.
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50 Hit for those still Long.
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14860 80 is bottom of Channel, NAZ will try for reentry. May need to Drop and bounce off support to get there, 14720 is likely.
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14720 Add on TP at stall.
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Squeeze, Drop, Pop, playing out. Red TL Likely.
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14800 is PB Support. NAZ may stall out at 9am ct.
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14880 Hit, Closing Long and stepping away. Careful today on Longs, they will whipsaw as we have light volume.
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40 Points off high, Red TL less likely as bottom channel rejected NAZ. CP is 14857.
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Lower Target at 14790 PB or short target.
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14756 will need to hold. No hold, going to 14680.
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NAZ came within 45 points of Red TL and headed south. Holiday volume, will not put much on day. Still 300 points off recent low, not turning bearish just yet.
White, Overnight Air Pocket: