Day’s Theme: Tricky behavior with multiple false tops or bottoms.
Behavior Around the High: We may have two highs, however that behavior is nullified so it may be made irrelevant somehow.
Behavior Around the Low: There’s a big move from the bottom to the top of a range out of the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around some establishment of support followed by a prominent move higher.
Overview
On July 21st, we’ll have a rally in the pre-market that offers a trade opportunity. That’s followed by a decline through multiple support levels right around the open. That will take us into a low likely around 10:15. Out of that low, there’s a move from the bottom of a range to the top of a range. We either have a crest at noon or at 1:15. Within the noon hour, there’s a big move to the upside that may create the high for the day. We’ll have three pokes through the same price level followed by a sharp drop after the third poke between 1:00 and 2:00. You could close out of a long position in the midst of those three pokes. We’ll revisit a support level between 2:00 and 3:00. That decline continues into the last hour. Around the close, there are three crisscrosses through the same price level and a crest that we sell off from into the post-market.
Sneak Preview
On the 24th, we’ll probably open higher.
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