When is no-bias not no-bias?

[pay]The 905’75 bias-up signal was touched by one of the 3 minute bars surrounding the 10:15 bar. This invokes the 15-minute grace period for proving that sellers were bringing it but needed a few extra minutes to prove it. They made good use of that time by extending down further.

The no-bias signal in this instance is also a sell signal. The bias-up signal hold as resistance, after its bias-up target was met. This degree of rejection doesn’t go without consequences. A test of the 897’50 bias-down signal is in-play, and probably also a retest of the overnight low.

Bounces meanwhile have potential either to 905’00 or 907’50. Perhaps the environment is still optimistic enough to attract more buyers for trapping. But this morning’s action is consistent with the past week of weak buying that gains no traction – not in itself a sell signal, but bearish when compared against the rising prices.

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