Princetontrader Futures Trading Education Charts of The Day January 26, 2017
The Bulls followed through on the move out of the compression range and have now places the daily chart into a upper Bollinger Band ride. The Bulls engaged the upper band and avoided the potential of a “headfake” day that sees us fall back into the range. The existence of an upper band ride puts us into buy dips mode. There is a decent amount of expansion coiled in these compressed bands. Band rides tend to go farther and longer than most traders give them credit for and fighting them can be a very painful experience. Absent news, the bears still get no serious longer term consideration until we close back below 2267.50.