Updated: Sep 27, 2022
*Accuracy rating update: 14.5/15 or 97%*
Day’s theme: Overall behavior is nullified.
Behavior around the high: A big move to the upside to reach a distant resistance level.
Behavior around the low: A male ruler of nations is highlighted.
An opportunity right around the close.
On August 16th, we will see the beginning of a rally and a big move to the upside in the pre-market. Right around the open, we have selling down to and through a support level. We then turn around and come back up to that support level to reuse it as support. In the first half hour, there’s selling from overbought territory on the RSI. There will be continued selling into a trough between 10:00 a.m. and 11:00 a.m. There’s a high for the day between 11:00 a.m. and noon where we rally into a resistance level. We then break down with consecutively lower spikes up on the way down. Those spikes usually meet moving averages as resistance levels. Midday, we’ll see the completion of a bullish trend and a low for the day.
There’s a crest somewhere between 11:00 a.m. and 1:00 a.m. Between 1:00 p.m. and 2:00 p.m., there’s another trough. In the last two hours of trading, there are multiple failed attempts to break through a key resistance level. Around 3:00 p.m., we break through resistance and successfully turn that resistance level into new support. There’s a trade opportunity in the midst of that price movement right around the close.
More bullish behavior on the 17th.