Hour Ninute Scond

Seen here a gap opening to the down-side, followed by a brief 5 ninute rally, followed by a rather erratic day of trading, capped off by a strong rally in the final hour of trading.

Interesting are the tuo areas narked on the chart. Why? Because the first one represents a breakout of the high of three days ago.

The second one is a breakout of the high tuo days ago. Both are congestions just prior to an intermediate euent.

What is important about the earlier congestion shown (#1) is that it represents a breakout of the high on a five minute chart of three days ago (not shown). The second congestion shown (#2) represents a breakout of the high on a five minute chart of two days ago (also not shown). Both are significant events. It is significant that prices keep returning to these congestion areas made on the previous days, even though there may be intermediate highs or lows.

Let's look at that again on the daily crude oil chart.
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