*Accuracy rating update: 100% or 12/12 predictions correct*
Day’s Theme: A notable decline that increases with momentum moving forward into the day. A notably bearish day overall.
Behavior Around the High: The high will likely be around noon and is a good price level to position oneself to play both directions.
Behavior Around the Low: N/A
Trade Opportunities:
A quick trade opportunity to open up a long position a bit before noon.
Overview
On January 24th, there’s a high and fake out in the pre-market. We’ll decline to support from that high. We’ll gap up to a price level that could be a good point to set up a straddle/strangle. We’ll continue to move to the upside right around the open, and after that move to the upside there will be a notable drop on a one-day chart around 9:30 a.m. or 10:00 a.m. There’s a quick trade opportunity to open up a long position here. We’ll have some sideways rotation along a support level followed by a sharp dip. We’ll move to the upside to reach a high around noon.
Midday, we’ll break down through a support level that we recently broke through. Between roughly 1:00 p.m. and 2:00 p.m., there will be a reversal that moves us into a rally to the upside between roughly 2:00 p.m. and 3:00 p.m. That rally then breaks down with a fast, sudden move to the downside with increasing volatility on the way down. There’s a significant move lower right around the close. I’m advised to be cautious around this time and close out of any short positions opened. There’s a day’s low at the close.
Sneak Preview
We’ll open higher on the 25th.
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