Day’s Theme: Erratic behavior back and forth through the same price level, however that behavior is nullified.
Behavior Around the High: A decline off of the high that takes us down to revisit a support level that we recently met once before.
Behavior Around the Low: Three crisscrosses through the same price level with the third cross to the upside confirming a bullish trend.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a sideways-fluctuating rally that precedes a decline.
A rally around 2:00 offers an opportunity to open a short position.
Overview
On July 26th, we’ll open lower in the pre-market and there’s a decline through multiple support levels taking us into sideways rotation into the open. There’s a big move to the upside out of the open that turns resistance into new support between 10:00 and 11:00. There’s a notable reversal between 11:00 and noon and a trough. We’ll have multiple failed attempts to break through key resistance between noon and 1:00.
There’s a trade opportunity at key resistance and then a decline through multiple support levels between roughly 1:00 and 2:00. There’s a rally around 2:00 that offers an opportunity to open a short position. That’s followed by a decline in the 2:00 hour that declines into the last hour of trading. Out of that decline, there’s a fast move higher marking the end of that decline. There’s a low around the close and an opportunity to close a short position if one was opened earlier.
Sneak Preview
On the 27th, we’ll likely open lower. If not, we’ll open higher and then fall pretty quickly.
Comments