Day’s Theme: Some price swinging or back and forth price behavior.
Behavior Around the High: Bullish price swings, however that behavior is nullified.
Behavior Around the Low: An important price level at the low.
Trade Opportunities:
I’m advised to trade around a failed attempt to break through key resistance.
Overview
On May 18th, there’s a bit of volatility and a sharp drop in the pre-market. We’ll revisit a support level at the open that we recently met before. There’s a sideways S-formation somewhere within that decline in the first half hour. Around 10:25 a.m., there’s a big move higher reaching for distant resistance. We’ll fail to break through that resistance and then decline pretty notably into lows midday. There’s an overbought crest or peak between roughly noon and 1:00 p.m. that we’ll sell off from. We’ll go from a significant decline into a fast, sudden move higher between roughly 2:00 p.m. and 3:00 p.m. That’s followed by another fast, sudden move higher where we’ll bump up against resistance multiple times and then decline in the post-market.
Sneak Preview
On the 19th, we’ll open higher at what is probably a new local high.
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