mcm daily market update 16.Feb.22

ST trend: neutral

Yesterday we were noting that the ST trend was up, as buyers had won back ML and despite FGSI reaching extreme optimism they kept pushing higher. The RTH session was less bullish than the o/n, as buyers were not able to continue to push, but it was a gap 'n camp with price consolidating sideways in a tight range. However buyers did manage to hold above ML, which was important.

The o/n today saw even more sideways action. Buyers did manage a new high on the European open, similar to yesterday, but that spike was sold and we are back where we were before it. Price also back-tested ML (which was dragged higher), so we have a key level near-by. As long as buyers can hold ML, we can see higher prices being attempted. If ML is lost, then a deeper consolidation would likely be in play with the 4420 lvl being 1st area to keep an eye on and the 4395-4400 area being the MUST hold for buyers.