There are times when markets consolidate and move sideways in a relatively narrow range. We often see low volatility, little trending, and “choppy” price action when the market is slow.
Range-bound, consolidating markets eventually resolve in one direction or the other. Breaking out of a narrow range often takes a catalyst event like a highly anticipated economic report or – in the case of individual stocks – something like an earnings report or FDA approval. Quite often, it is the anticipation of the event itself that keeps price range-bound. Without knowledge of the event outcome, both bulls and bears are waiting it out before making large commitments.
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