Day’s Theme: A rally along a diagonal trend line that ends with a fast sudden move higher and then a breakdown with increasing volatility on the way down.
Behavior Around the High: A period of sideways rotation that ends with a fast, sudden move higher taking us to the high.
Behavior Around the Low: A big move to the upside where we successfully turn resistance into new support.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a sideways-fluctuating decline that precedes a rally.
An opportunity to open a long position for a day trade in the first half hour to the first hour or so after a drop.
Overview
On July 14th, we’ll likely open higher from where we closed the previous day. Around the open, we’ll have three crisscrosses through the same price level confirming a bullish trend. We’ll move to the upside to reach a resistance level in the first half hour and reach a near overbought crest or peak around 10:30. We’ll sell off from that crest pretty notably through multiple support levels. There’s an opportunity to open a long position after that drop.
There’s a decline midday. Between 2:00 and 3:00 we’ll move back to the upside into a peak or crest. We’ll sell off from that peak or crest pretty notably into a trough around 3:00. Out of that, there’s a big move to the upside where we’ll push the upper end of a range higher. We’ll have a failed attempt to break through key resistance followed by a decline through key support around the close. There are some sideways fluctuations in the post-market.