Back To Sideways…

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As the market was nearing the lows of the day near the 1802 area news came out saying that the Saudi's were going to cut oil production.  After the news price took off like a rocket upward going all the way back up to the 1833 area of mR then bouncing lower to close the day at 1824.25.  After hours price is moving back up to the 1833 area which I have marked now as MR since we have tested this area twice without going above.  It will be interesting to see what happens overnight, prices look higher but at best we are still in a sideways pattern.

ES 02112016 EOD
ES 02112016 EOD

    

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