Day’s Theme: A fast sudden move higher. There will also be a trade opportunity at the end of the day.
Behavior Around the High: We’ll have selling from an overbought crest or peak that will stand out on a one-day chart.
Behavior Around the Low: A notable decline on a one-day chart takes us into the low. Off of the low, we’ll move to the upside and push the upper end of a range higher.
Trade Opportunities:
I’m advised to trade around erratic behavior back and forth through the same price level.
Overview
On February 21st, we’ll likely start notably lower in the pre-market. We’ll also have a fast, sudden move higher off of that low in the pre-market. That rally ends around the open and there’s a bit of a decline. We’ll then see three crisscrosses back and forth through the same price level which confirms a bullish trend. That’s followed by a period of volatility with a sharp dip that stands out within that period of volatility. That dip takes place sometime around 11:00 a.m. Congress is highlighted around what appears to be a significant low. There’s a fast, sudden move higher that stands out on a one-day chart around noon that takes us to a crest or peak. We’ll create support at that higher level and then rotate alongside that support.
There’s a key resistance level highlighted between roughly 1:00 p.m. and 2:00 p.m. There’s notable volatility and a trade opportunity around that price level. We’ll have some sideways price movement and a notable move higher into the close, however the high formed is a brief high that’s easily missed after a fake out. We’ll then decline through multiple support levels from near overbought territory.
Sneak Preview
On the 22nd we’ll open lower and a male ruler is highlighted.