Day’s Theme: A notable decline through multiple support levels, however this price movement is nullified, so something will make that decline irrelevant.
Behavior Around the High: A prominent move higher through key resistance. We’ll stay above resistance briefly and then break back down through that price level shortly thereafter.
Behavior Around the Low: We’ll have a decline that increases with momentum moving forward into the low.
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I’m advised to trade around a key resistance level where volume seems to flatten out.
An opportunity to open a long position at a low in the first hour and a half. I would close that position around 1:00 p.m.
An opportunity to open a short position around a high midday after a rally. I would close that position in the last hour or the morning of the following day.
Overview
On June 14th, we’ll decline in the pre-market down to and through support and then rotate sideways along a key support level into the open. At the open, there’s a decline through multiple support levels. In the first half hour, there’s an important range that’s highlighted on a multi-day scale. We’ll be at the bottom of a range and a first day’s low in the first hour and a half. There’s an opportunity to open a long position at that low. I would close that long position around 1:00 p.m. after meeting a key resistance level. There’s a key resistance highlighted between roughly 10:00 a.m. and 11:00 a.m. We’ll then go from key resistance to a low after a pretty strong decline around 11:00 a.m. After that decline, we’ll meet a support level that can be relied upon.
Midday, we’ll have a significant rally off of that support. That will take us to a day’s high midday. That high will offer an opportunity to open up a short position. I would close that short position either at the end of the day or the following day in the morning. There’s a big decline around 2:00 p.m. and an unexpected move higher out of that decline. That move higher takes us to an overbought peak or crest around 2:35 p.m. We’ll sell down from that crest or peak into the 3:00 p.m. hour. Between 3:00 p.m. and 4:00 p.m., we’ll have a rally that increases with momentum moving forward in time. We’ll then decline and have another unexpected move higher around the close.
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