So much for Tuesday's surge to 63.5 ! And, if I'd placed a sell stop as mentioned yesterday, I would now be out of the trade with a loss. :-( (If I'd been in the trade in the first place, which I might well have been with more funds in my account.) However, I remain undaunted, as this evening I've noticed something in the price chart that I'd previously overlooked.

That "something" is a down trendline that had formed as of Monday's close, the two points of which I've shown with arrows on this post's chart. Also, an up trendline had been formed by the lows of last Tuesday and Thursday. I might therefore had expected that today's price action would be contained within those two trendlines, and that's exactly what happened !

Another mistake, I think, was looking for a sell stop above a line of price support to be sufficient to keep me in the trade. I had been aware of possible support at the low of June 10 (dashed line in chart, at 58.9), but that would have exposed me to a possible loss greater than I would have been willing to assume. (Something I should have considered before getting into the trade in the first place.)

Prognosis for Wednesday: Price is "bounded" on the upside by a line of price resistance and a down trendline and on the downside by an up trendline and a line of price support, with RSI still looking strong to the upside. So, my guess is that on Wednesday we will see either (1) price action confined within the "bounds" or (2) a breakout continuation of the recent rally toward my erstwhile target of 63.5.