Month’s Theme: Notably bearish with a decline through multiple support levels. That’s crossed with a notable move higher standing out on a one-month chart out of oversold territory.
Behavior Around the High: Out of decline, there’s a notable move to the upside on a one-month scale.
Behavior Around the Low: A notable decline into the low. Out of that decline, there’s a big move from the bottom of a range to the top of a range.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a short position around the highest high at a peak or crest around the 5th or 6th. I would hold that short position until the 22nd. A more risky close is on the 26th.
An opportunity to open a long position around the 22nd after closing the short position.
An opportunity to open a long position toward the end of the month to hold into July.
Overview
On the 1st, we attempt to establish support on a one-month scale. On the 2nd, we’re bumping along resistance for the majority of the day. On the cusp of the 2nd and 3rd, there’s a peak or crest. On the 3rd, we’ll do a U-shaped dip. The morning of the 4th, we’ll have a significant move to the upside. There’s another crest toward the end of the day on the 4th. We may have a highest high around the 5th or 6th. There’s movement to the downside off of that highest high on the 6th. On the 7th, there’s a prominent move higher followed by a retracement back down toward the end of the day.
We’ll likely gap up on the 8th. That’s followed by a significant decline on the 8th that takes us into erratic behavior back and forth through the same price level on the 9th. We’ll revisit another crest on the 9th. On the 10th, we’ll decline back down to a key support level that we recently met. There’s a peak toward the middle of the day. On the 11th, we’ll have a decline to and through support on a one-month scale. We’ll meet a support level and rotate along that support into a trough on the 12th. That’s followed by a big move to the upside out of that trough. There’s a failed attempt to break through key resistance and we’ll decline through key support. On the 13th, out of a decline there’s a fast, sudden move higher. On the 14th, we’ll have another decline through multiple support levels.
On the 15th, there’s a key technical price level highlighted and a prominent crest or peak. On the 16th, we’ll have another move to the upside into a prominent crest or peak. We’ll have three crisscrosses through the same price level on the 17th. On the 18th, we’ll have a breakout into a peak or crest on a one-month scale. On the 19th, we’ll sell off of that peak through multiple support levels. On the 20th, we’ll have a rally that increases with momentum into a peak or crest on the 21st.
On the 22nd, there’s a sideways-fluctuating decline off of a peak or crest. On the 23rd, we’ll have a bit of a rally. There’s a notable reversal on the 24th with a sharp decline into a lowest low on the cusp of the 24th and 25th. That low is likely the lowest low for the month. Out of that low, there’s a rally. We may revisit that low on the 26th. Congress may be highlighted. On the 27th, we’ll meet a key resistance level and a prominent crest on a one-month scale. On the 28th, there’s a notable move higher that turns resistance into new support. There are multiple failed attempts to break through key resistance on the 29th and a decline through multiple support levels. On the 30th, there’s a correlation to a big move to the upside and a key technical resistance level highlighted.
Sneak Preview
In July, we’ll have a period of volatility that ends with a fast, sudden move higher.
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