Day’s Theme: A decline to a support level that we’ve met recently but it’s nullified so there’s behavior that somehow makes that level irrelevant.
Behavior Around the High: A decline that precedes a rally.
Behavior Around the Low: Bumping sideways along resistance.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a long position before a big move to the upside near the close.
Overview
A decline around the open and then three crisscrosses back and forth through the same price level confirming a bullish trend. There’s an erratic rally in the first hour and a half where we’ll revisit a crest that was recently a passed opportunity. There’s a poke higher through key resistance around noon. We’ll stay above that resistance briefly and then break back down shortly thereafter into a low for the day. There’s a prominent reversal around that low near 2:00. That brings us into another peak or high that we’ll sell off from in the last hour. We’ll decline to and through support to meet a second support and then rotate sideways along that support level. There’s an opportunity to open a long position there before a big move to the upside near the close.
Comments