Day’s Theme: A notable decline.
Behavior Around the High: A rally along a diagonal trend line that ends with a fast, sudden move higher and then a breakdown through that diagonal trend line.
Behavior Around the Low: A notable decline into the low that offers an opportunity to open a long position for a swing trade.
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I’m advised to trade around the completion of a rally and a notable support level.
An opportunity to open a long position for a day trade between 1:00 and 2:00. I would close that when we hit a key resistance level that’s likely around 3:00.
If there’s a move to the upside into a peak around the close I would open a short position in anticipation of lower price levels on the 22nd.
Overview
In the pre-market, we’ll have a decline to and through support to meet a second support and then rotate sideways along that support. There’s an important resistance level highlighted around the open. We’ll decline off of that resistance at a crest to and through support into a day’s low. Out of that low, we’ll move from the bottom of a range into the top of a range to meet key resistance around 10:00. From that high, there should be a notable decline between 11:00 and noon. There’s a lot of price change to the downside between 11:00 and 1:00. There’s a notable move higher between roughly 1:00 and 3:00. There’s then a full retracement of that move higher back down. There’s a significant move to the upside right around the close followed by bearish price swings that increase with momentum as we approach the close or in the post-market.
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