*Accuracy rating update: 100% or 10/10 predictions correct*
Day’s theme: A failed attempt to break through key resistance followed by a decline through key support on a multi-day chart.
Behavior around the high: Bearish price swings, possibly with a sharp drop that would stand out on a one-day chart.
Behavior around the low: There’s a fast, sudden move higher out of the low, however that behavior is nullified.
Trade opportunities:
A cash-in opportunity in the midst of a move higher midmorning.
Straddle/strangle trade opportunity midday.
A trade opportunity at the close.
Overview:
On November 28, we’ll sell from an overbought crest in the pre-market. Right around the open, there’s a rally out of a trough and some erratic behavior back and forth through the same price level within the first half hour. We then revisit a crest that was recently a past opportunity. There’s a failed attempt to break through key resistance followed by a decline through key support in the first half hour.
Midday, we have a significant trade opportunity for a straddle or strangle. We’ll be rotating along support between roughly 1:00 p.m. and 2:00 p.m. We’ll meet a resistance level between 2:00 p.m. and 3:00 p.m. and then break down from that price level with consecutively lower spikes up on the way down. There are some sideways fluctuations and a bit of a rally in the last hour. There’s a trade opportunity at the close, just before a sharp dip and volatility in the post market.
Sneak preview:
We’ll likely be opening lower on the 29th.
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