We had some nice reversals on tests of Pivot lines today. Let's look at three situations.
On the 1 minute chart for Situation 1, we can see decreasing $TICK momentum on multiple tests of the Pivot line. Eventually, price starts to follow momentum as it fails to trade past the Pivot line.
For Situation 2, which is just below S1, we have an even better price - $TICK divergence on test of S1. The second price test was more obvious with a sinking $TICK.
For Situation 3, we didn't get an obvious $TICK divergence. However, it is not uncommon for the market to reverse during the last half hour of energy trading. Again, S1 holds as resistance.
Charles
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