Day’s Theme: A failed attempt to break through key resistance followed by a decline through key support.
Behavior Around the High: Not specified.
Behavior Around the Low: Not specified.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a U-shaped dip that forms between two intersecting diagonal trend lines.
A notable decline midday offers an opportunity to open a long position for a day trade.
Overview
There’s a crest in the pre-market that we’ll sell off from down to and through support and then do a U-shaped reversal back up to reuse that level as support. There’s an important support level highlighted in the first half hour. We’ll have a failed attempt to establish support around the open and then have a notable decline into a trough. We’ll have an unexpected move higher between 10:00 and noon. There’s a pretty notable decline midday that offers an opportunity to open a long position for a day trade. That’s followed by a move to the upside reaching for distant resistance. There’s another resistance level that we’ll rally into in the last hour and decline from with consecutively lower spikes up on the way down. That will turn into mixed behavior in the last hour of trading. We’ll have a rally that increases with momentum moving forward into the close and a failed attempt to break through key resistance. That’s followed by a notable decline through key support. There’s a speaker around the end of the day that shouldn’t be trusted or relied upon.
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