Day’s Theme: An important price level acting as resistance.
Behavior Around the High: A fast, sudden move higher taking us into the high.
Behavior Around the Low: An attempt to establish support with some sideways rotation.
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I’m advised to trade around an important technical price level.
Overview
On October 26th, there’s a bit of a rally into a failed attempt to break through key resistance in the first half hour followed by a decline. That decline takes us into a low between 11:00 and 1:00. We’ll have some sideways rotation between 1:00 and 2:00. There’s then a rally into key resistance between 2:00 and 3:00 that we’ll decline from with consecutively lower spikes up on the way down. That decline takes us into the last hour, out of which we’ll have an unexpected move higher into another peak or crest/high for the day. We’ll decline into the close.
Sneak Preview
A rally on a one-day scale ends.
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