Earlier in the first market update I showed you 3C and I said I thought the short term charts were simply showing a consolidation below resistance as a little battle between shorts and the invisible hand was playing out, I thought that it would resolve to the upside based on the 5 min charts showing no negative divergences and being leading positive.
I show you this because a chart is worth a thousand words, this is how predictable technical traders are and why placing orders on the books are not a good idea.
Keep in mind a lot of intraday volatility is to create volume which institutional traders receive volume rebates for, so generating volume is profitable and hitting stops or limit orders is a way to do that.
The lower trendline is the resistance I showed you earlier, the upper trendline is the next level of resistance.
Look at volume surge, almost certainly short covering, as price breaks through resistance levels.
And that 50 bar 5 min moving average left over from the day trader days, look at the volume as that was decisively broken.
Just saying...
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