Market trading in a tight range

5 Jan 2015

Support and resistance levels have been defined and market is holding slightly higher lows and higher highs. For now, however, it's just sideways action. I'm already long at $266 with stops just below at $264, so this is a good R/R trade. If and when that resistance breaks, I believe it will just be a matter of catching the pullbacks, but the overall trend will be up.

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Thanks!