Theme:
Open some short positions and protect your long positions.
Trade Opportunity:
Towards the end of the day, something lucky will happen.
Overview:
In the pre-market I am advised to be prudent. There are multiple highs or lows. It looks like we have multiple lows in the midst of some sideways fluctuation with the downwards trend in the pre-market. Then from roughly the open to 10am, we have a sharp decline in the midst of multiple headwinds. From roughly 10am to 11am, we have a big push to the upside off of a support level. It will be a prominent move. From 11am to noon we have notable volatility and reach resistance. From noon to 1pm we fall back down to support and travel sideways along moving averages in a bearish formation. We meet resistance at the price levels and continue lower. From 2pm to 3pm we move higher through resistance and break back down through it, with an A-formation. In the last hour we move lower from a peak that will not be revisited within the time frame of the reading. We will have a push higher in the midst of a decline in the post-market. Right at the close will be a great opportunity to cash in on some long positions.
Around the high we bump along resistance and around the low there will be price swinging.
Sneak Preview:
An important bottom or trough.
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