The last two sessions blipped-up

The last two sessions blipped-up into afternoon highs, and then blapped-down upon failing to attract new sponsorship. Buyers didn”t gain traction during any of the last 10 sessions — not since the 2-week old Apr 9 breakout. Price hasn”t so much edged higher as it has absorbed dips, for now.

Speaking of which, those overnight and intraday plunges have finally resolved up to new highs. Buyers that absorbed them have finally been rewarded. Last week”s 2105.50 high, last month”s 2107 high, and February”s 2107.50 high, all were probed Thursday up to 2114.50. Which was retraced back down to 2107.

Although there remains potential to higher highs — 2121, 2130 and 2145 — the template calling for a new high has been fulfilled. Weeks worth of intraday and overnight plunges were viewed as likely to recover. We will no longer have that degree of confidence. Similarly, the rally”s pattern, itself, can”t tolerate hesitation. Keep in mind the likely resolution, which is for a brief new high that reverses down sharply. Stay in touch.

Thursday”s post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/ypytpwh