This is a nice variation of the "bread and butter" set-up. Note how price rallies back to the retracement zone but can not break through the 50% retracement from the previous day's high to the opening range low. After an hour or so of bumping up against the 50% line, MFLX starts to fall away from that resistance and collapses through the afternoon, eventually tagging the Fibonacci extension (of the previous day's high to the opening range low) at the end of the day.
Answer the three questions on your own.
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