Can you describe how you identify a channel?
You have the idea, but you haven't got enough history to establish it as a channel. Intraday it not even channelling yet, its more like "trying to find a level of support". Ramped up real quick and has pulled back looking for support. The selloff to .74 backfilled the gap, so it should remain above here. If it loses momo the channel will get smaller and smaller oscillations until it either continues with its downtrend back to .74 and stabilizes or or makes a breakout above its 20 day r level which is.87
Does this appear to be happening with MPH? Day's range is .74-.87.
see above
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