Today marked another day of extreme volatility, continuing the trend of the last several sessions. It’s the third consecutive day with trading volumes exceeding 100,000 lots. The market opened with a downward gap, extending the bearish trend from Thursday and Friday. In the first 30 minutes, the market sharply dropped 51 points, hitting a low of 24.58. However, by 10:06, it rallied back, recovering the initial loss. Between 10:06 and 12:08, prices fluctuated between 25.12 and 24.94. After 12:08, there was another rally, pushing prices to 25.40 by 12:30. At this point, the market encountered short-term resistance and a surge in sell orders at 13:08, causing a drop back to 25.00. Despite this, prices rallied once more, due to consistent buying, until facing resistance again at 26 cents. Overall, the day was marked by intense volatility, with a 140-point range between the highest and lowest prices.
Following the previous settlement of 696.80, the price experienced a steady uptrend throughout the day. This was punctuated by a series of upward surges, of strong buying pressure. Particularly noteworthy is was the period between 12:00 and 13:30, where the market was propelled to an intraday high of 705 before collapsing $8 to 697. Following the downward spike the price then consolidated slightly, before continuing its upward momentum. The price action suggests strong appetite among buyers, given its consistent upward trajectory without significant pullbacks. The strong performance indicates that the bulls had control for the majority of the trading session.
