Updated: Jan 19
Day’s Theme: A bit of a rally with sideways fluctuation along the way that precedes a decline.
Behavior Around the High: We’ll decline through the highest high through a key support level on at least a one-day scale.
Behavior Around the Low: We’ll revisit a past opportunity at a key support level in the midst of sideways rotation along that support. There’s a sharp dip within that period of rotation.
I’m advised to trade around a failed attempt to break through key resistance followed by a decline through key support between noon and 2:00 p.m.
An opportunity at a critical technical price level midday.
On February 23rd, in the pre-market we’ll have three pokes through the same price level followed by a sharp decline after the third poke. There are some failed attempts to break through key resistance around the open and a decision between two leaders is highlighted in the morning. There may be a holding pattern here and that’s followed by a notable move to the downside through multiple support levels. We’ll come up against the bottom of a range. That’s followed by a notable and unexpected move higher starting around 10:45 a.m. We’ll start to pick up steam around 11:30 a.m. and we’ll hit a crest or peak somewhere around midday. There’s a trade opportunity there at a critical technical price level that stands out on more than just a one-day chart.
We’ll then have bearish price swings and a notable drop between 2:00 p.m. and 3:00 p.m. to create a new low. That’s followed by a move higher and a rally in the last hour where we break through horizontal resistance to create a new local high. Toward the end of the day, there’s a crest or peak that we meet briefly before breaking back down through the same price level around the close. After breaking through key support, there’s some sideways rotation at the end of the day.
On February 24th, we’ll open higher and have notable price swings in the pre-market.