Day’s Theme: An important range on a multi-day scale is highlighted.
Behavior Around the High: Three pokes through the same price level followed by a sharp decline after the third poke.
Behavior Around the Low: A notable decline to reach the low.
Trade Opportunities:
I’m advised to trade around a sound foundation of support or a male ruler of nations that’s highlighted.
An opportunity to close a long position around the open if a position was opened the previous day.
Overview
On May 24th, we’ll open significantly higher in the pre-market. There’s a sideways S-formation around the open. There’s a fast, sudden move higher out of that sideways S-formation right around the open. There’s a trade opportunity here to close a long position if one was opened the previous day. We’ll have a decline around 10:00 a.m. after a failed attempt to break through key resistance and a decline through key support. There’s a bit of a rally between roughly 11:00 a.m. and noon.
We’ll establish support and then have another move to the upside with a crest that was a recent opportunity midday. That’s followed by another decline. There’s another sharp decline around 2:35 p.m. That decline then turns into another move higher that stands out on a one-day chart in the last hour. As we move closer to the close, that rally will halt and then we’ll decline through key support at the close. There may be something to do with an agreement between two leaders at the close or in the post-market.
Sneak Preview
On May 25th, we’ll open higher.
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