*Accuracy rating update: 100% or 12/12 predictions correct*
Theme:
There’s quite a bit of volatility and an important resistance level on a multi-day chart highlighted. Midday, there’s an opportunity for profit taking at an overbought crest. Around the high, there’s an important resistance level highlighted. It looks like volume will dissipate around the high. Around the day’s low, there are multiple failed attempts to break through a key resistance level.
Overview:
On September 23, 2022, there are bearish price swings and/or a sharp dip in the pre-market. We are bound by a range at a day’s low right around the open. In the first half hour, we’ll see the start of a rally. We push the upper end of a range between roughly 10:00 a.m. and 11:00 a.m. There will be a day’s high between roughly 11:00 a.m. and noon followed by a reversal. This midday reversal is due to selling from near overbought territory on the RSI. There’s then a move up through resistance at least temporarily and we attempt to establish support there. There’s a sharp dip within a period of sideways rotation along that support. It looks like we drop through multiple support levels between roughly 2:00 p.m. and 3:00 p.m. In the last hour, there’s a prominent reversal that will stand out on a one-day chart. Into the close, there’s sideways fluctuations with a bullish trend that precede a decline. Either right around the close or in the post market we’ll see a fake out in the form of an unexpected direction change.
Sneak preview:
We’ll open higher.
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