Updated: Jun 5
Day’s Theme: A notable move to the upside, even in the face of seemingly overwhelming headwinds.
Behavior Around the High: Sideways rotation along the highest high. We’ll rise to meet the nearest critical resistance and then fall back down and continue rotating sideways along support.
Behavior Around the Low: Three crisscrosses back and forth through the same price level, however the low is somehow nullified meaning it’s made irrelevant.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a decline through multiple support levels, however this decline is nullified.
On June 21st, we’ll have a move higher through key resistance creating a peak in the pre-market. We’ll stay above it briefly and then break back down through the same price level with a full retracement. That decline continues into just before the open. Around the open, there’s a big move out of a decline from the bottom of a range to the top of a range. That move to the upside will take us to a peak or crest in the first half hour. There’s erratic behavior back and forth through the same price level in the first hour and a notable move to the downside around 10:30 a.m. We’ll have a near overbought crest or peak highlighted between roughly 11:00 a.m. and noon that we’ll sell off from through multiple support levels.
There’s a key technical price level on at least a one-month scale highlighted midday. Out of oversold territory, there’s a big move to the upside between roughly 1:00 p.m. and 2:00 p.m. That move to the upside continues with a breakout on a one-day scale. That breakout marks a significant trade opportunity. We may have a bit of a pullback and a move to the downside to meet a key support level in the last hour. At the end of the day, there’s a trade opportunity and a big move after re-establishing support in the last half hour. There’s a big move to the upside right around the close. We’ll have an unexpected failure to break through key resistance and a decline through key support in the post-market.
On June 22nd, there’s a rally that offers an opportunity to open up a short position.