*Accuracy rating update: 94% or 17/18 predictions correct*
Theme:
Quite a bit of bumping sideways along resistance mixed with a notable decline. Around the high, we’ll have selling from overbought territory on the RSI. It looks like we either have a pretty deep decline into the low or a pretty notable move higher out of the low, or even possibly both. I’m advised to trade around a sharp dip within a period of sideways rotation along a support level.
Overview:
For September 26, 2022, we have a bit of bullish volatility that wanes right at the open. We then either have a holding pattern in the first half hour due to congress or there’s a move higher followed by a full retracement back down. Roughly between 10:00 a.m. and 11:00 a.m., we have a notable move to the upside either from oversold territory or to fill a previous gap down. That move higher continues into the middle of the day where we have quite a bit of volatility. We meet a key resistance level on a one-day chart. We meet a high from this rally. There’s a trade opportunity where we attempt to establish support. After establishing support, we rotate alongside it for a bit. There’s a sharp dip within that period of rotation which brings us to another day’s low roughly between 1:00 p.m. and 2:00 p.m. This decline is marked by a failed attempt to break through key resistance followed by a decline through key support on a one-day chart.
Between roughly 2:00 p.m. and 3:00 p.m., we have a move higher to retest a resistance level. It will be expected that we break out through that resistance level but we fail to do so. We turn around and decline pretty sharply around 3:00 p.m. In the last hour, there’s a move out of that decline from the bottom of a range to the top of the range. We’ll also revisit a price level that we likely saw early on in the pre-market right around the close. In the post-market, there’s a move higher to and through a resistance level followed by a decline back down through that same price level shortly thereafter.
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