Month’s theme: Sideways rotation along a key support level that ends with a fast, sudden move to the upside. We’ll also see a lot of sideways movement throughout the month.
Behavior around the high: A failed attempt to break through a key resistance level, followed by a decline through a key support level on a one-month chart.
Behavior around the low: A higher level and a lower level around the low in the near future.
Trade opportunities:
There’s a swing trade opportunity on the 1st involving an opportunity to open up a long position in the midst of a decline.
Around the 2nd, there’s a trade opportunity that involves a sudden move higher marking the end of a period of volatility.
Around the 3rd, there’s a swing trade opportunity around a notable drop.
Around the 4th, there’s a trade opportunity around where we begin to sell off.
Around the 5th, there’s some deception around a low and a swing trade opportunity involving a fast, sudden move higher marking the end of a period of volatility.
There are two trade opportunities around the 9th: one involves a decline that marks an opportunity to open up a long position. The other involves a fast, sudden move higher marking the end of a period of volatility.
There’s another swing trade opportunity around the 10th that involves a fast, sudden move higher marking the end of a period of volatility.
Around the 12th, there’s a trade opportunity involving a decline that offers an opportunity to open up a long position.
Around the 18th, there’s a swing trade opportunity in the midst of multiple failed attempts to break through key resistance.
Around the 19th, there’s a swing trade opportunity in the midst of volatility that ends with a fast, sudden move to the upside.
Around the 20th, there’s a swing trade opportunity in the midst of a decline that offers an opportunity to open up a long position.
Around the 21st, there’s an opportunity to open up a long position in the midst of a low.
Around the 28th, there’s an opportunity to open up a long position in the midst of a decline.
Overview:
Week One (09/1-09/8)
Around September 1st, we have three pokes through the same price level followed by a sharp decline after that third poke. Around the 2nd, it looks like there may be a bit of a move higher followed by a full retracement back down to where the move higher started. We’ll see a prominent high on September 3rd. We’ll also hit an important resistance level and have an unexpected move upward on the 3rd. On the 4th, that previous unexpected move upward is followed by a decline from overbought territory. There’s a decline down to a month’s first low on the 4th as well. There are swing trade opportunities from the 1st through the 5th (see trade opportunities at the top). On the 6th, we have a rally that increases with momentum moving into the end of the day. We reach a key resistance level around the 7th and fall pretty sharply into a minor trough for the month. On the 8th, we open up a bit higher, however we’ll see another low for the month after we hit resistance again and continue to decline.
Week Two (09/9-09/16)
On September 9th, we’ll see two local highs, meaning two highs or crests that stand out on a one-day chart. One high involves sideways rotation along a support level with increasing bullish sentiment and momentum as we move forward in time. The other high will be around a sudden dip within a period of volatility. There are two trade opportunities around the 9th: one involves a decline that marks an opportunity to open up a long position. The other involves a fast, sudden move higher marking the end of a period of volatility. There’s another swing trade opportunity around the 10th that involves a fast, sudden move higher marking the end of a period of volatility. There will also be a decline through multiple support levels on the 10th. On the 11th, we have a key support level highlighted, and we may be attempting to establish a new support level in the midst of a rally higher. On the 12th, we revisit a support level when we have a sudden dip within a period of sideways rotation. There’s also a swing trade opportunity on the 12th involving a decline that offers an opportunity to open up a long position. There’s a key resistance level highlighted on the 12th and the 13th. Somewhere around the 12th or 13th, there’s a bit of a move to the upside. That move to the upside is halted when we have a decline through a key critical support level to meet another month’s low on the 13th. Out of the low on the 13th, there will be a rally along a diagonal trend line breaking through horizontal resistance to meet a secondary resistance level. We’ll then dip back to somewhere between those two price levels. On the 14th, there’s a rally into a notable move higher that will stand out on a one-month chart. We also have a key support level highlighted as well as a local high and a local low. On the 15th, we have another prominent trough for the month. We decline through multiple support levels after meeting a resistance level. On the 16th, we have a critical technical price level and possibly a notable crest.
Week Three (09/17-09/24)
On the 17th, we have a move higher through resistance level followed by a decline back down through that same price level shortly thereafter. Around the 18th, there’s a swing trade opportunity in the midst of multiple failed attempts to break through key resistance. There’s also a bit of volatility on the 18th that ends with a fast, sudden move to the upside. Around the 19th, there’s another swing trade opportunity in the midst of volatility that ends with a fast, sudden move to the upside. On the 20th, there’s a fast, sudden move higher. One local low will form when out of a decline we have a move from the bottom of a range to the top of a range. There’s also a swing trade opportunity in the midst of a decline on the 20th that offers an opportunity to open up a long position. We’ll see a month’s low around the 20th or 21st. There’s also another month’s low on the 21st and an opportunity here to open up a long position for the coming high we should see in early October. On the 22nd, we have two local lows and one local high in the midst of a prominent decline on a one-day chart. One local low will form when out of a decline we have a move from the bottom of a range to the top of a range. The other local low will involve some erratic behavior back and forth through the same price level. The local high will involve a sudden dip out of the high which will form within a period of volatility. It looks like we have a failed attempt to establish support on the 23rd. There’s some trickiness on the 23rd, possibly an intentional fake out of some sort. On the 24th, we have a U-shaped dip. From that price level, we attempt to establish support. We move down to a low and around that low there’s a move higher through a resistance level on a one-day chart, and then we break back down through that price level shortly thereafter.
Week Four (09/25-09/30)
On the 25th, we have three local highs. It looks as though there will be a pretty prominent crest that forms here. One local high forms in the midst of some sideways bullish price swings. Another high forms when we have three criss-crosses back and forth through the same price level, confirming a bullish trend. The third local high forms when we have a period of volatility that ends with a sudden dip. I’m advised to open up some protection in the midst of a rally on the 25th. On the 26th, we hit a key resistance level. There are sideways fluctuations along support throughout the day with equal amounts of bulls and bears. There’s also a prominent trough for the month that stands out on the 26th. There’s likely a prominent trough around the 27th. On the 27th, out of a decline there’s a fast, sudden move higher that marks the end of that period of decline, and from there we meet key resistance again. On the 28th, we have a prominent move higher that is matched by a full retracement back down to where the move higher started. There’s also an opportunity to open up a long position in the midst of a decline. On the 29th, there’s one local low that involves a move higher through resistance on a one-day chart and then breaking back down through that same price level shortly thereafter. There’s another prominent trough for the month on the 30th after we hit a resistance level. There’s an attempt to establish support on the 30th as well.
Sneak preview:
For October, an important price level is highlighted, likely near the crest on September 16th.
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