Day’s Theme: A notable decline creating multiple new support levels on the way down.
Behavior Around the High: We’ll push the upper end of a range higher into the highest high for the day.
Behavior Around the Low: We’ll rally out of the low which offers an opportunity to open a short position.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a short position when we rally out of a low around the open. You could close that when we revisit the low between 10:00 and noon.
An opportunity to open a partial long position in the early morning and the other part between 10:00 and noon for a multi-day swing trade.
Overview
In the pre-market, there’s a near overbought peak that we’ll sell off from through multiple support levels. There’s a key resistance level highlighted at a crest. There’s a lot of price change from that crest into a low around the open. There’s then a rally out of the low into a key resistance level before 10:00. We’ll then decline with consecutively lower spikes up on the way down into sideways rotation between 10:00 and noon. We’ll revisit the low. Out of the low, we’ll have a rally that increases with momentum moving forward in time. I’m advised not to chase that rally into a peak between 11:00 and noon. There’s a key technical price level highlighted midday. There’s a notable decline off of that price level between roughly noon and 2:00. We’ll have some erratic behavior back and forth through the same price level between 2:00 and 3:00. We’ll revisit a crest that was recently a passed opportunity in the midst of that erratic behavior. In the last hour, we’ll have a notable decline to and through support to meet a second support and then we’ll rotate sideways along that support. There’s likely a fast, sudden move higher around the close.
Σχόλια