Most times bear rally = short covering and not genuine buying. The week of 8th March is a sure sign that price struggle past the recent resistance at the time and formed a reversal bar. The rotation of price hitting that weekly resistance was suggesting to me that there was a very likelihood of a triple bottom formation with the DB in place. Some would argue that triple bottom potential is a good sign price should hold but when it doesn't, you see a rush of bull stops gets taken out and bears on the sideline jumps in.
I know Crude is not the real trigger since STO is more a gas play but the correlation of crude to gas is very positive.
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$7.60 |
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
23 | 662413 | $8.36 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
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20 | 587895 | 8.360 |
4 | 577916 | 8.130 |
6 | 32899 | 8.050 |
1 | 23000 | 8.020 |
19 | 334979 | 7.980 |
Price($) | Vol. | No. |
---|---|---|
6.080 | 75225 | 1 |
6.840 | 61159 | 11 |
7.000 | 49816 | 1 |
7.070 | 6756 | 2 |
7.220 | 360382 | 18 |
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