Day’s Theme: An important resistance level is highlighted on a multi-day scale and a lot of price change.
Behavior Around the High: A decline down to and through support and then have sideways rotation along that support level.
Behavior Around the Low: Selling off from a prominent peak or crest on a one-day chart that will take us into a lowest low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a notable decline.
Overview
On June 23rd, there’s a breakout on a one-day scale in the pre-market. There’s a brief peak around the open that’s easily missed followed by a decline through multiple support levels. There’s a rally into an important resistance level on a one-day scale between roughly 10:00 a.m. and 11:00 a.m. That rally is halted by a sharp decline through key support on a one-day scale between 11:00 a.m. and noon.
Around 1:00 p.m., there’s a move higher through resistance and then we’ll break back down through that same price level with a full retracement. There’s a breakout on a one-day scale into a peak or crest. We’ll then have a sharp decline followed by a move out of a decline between roughly 2:00 p.m. and 3:00 p.m. We’ll push the upper end of a range higher around 3:00 p.m. We’ll have price swings going into the close in the last hour. There’s another big move to the upside right around the close that reaches for distant resistance with a high at the end of the day. There’s a notable decline through multiple support levels in the post-market and/or overnight.
Sneak Preview
On the 26th, we’ll meet the same resistance level again.