Updated: Jun 5
Day’s Theme: A failed attempt to break through key resistance followed by a decline through key support.
Behavior Around the High: We’ll push the upper end of a range higher on a one-day scale.
Behavior Around the Low: A significant decline on a one-day scale to take us into the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around a sideways-fluctuating decline that precedes a rally.
On June 27th, there’s an important range to the downside that’s highlighted in the pre-market. There’s a prominent move higher followed by a retracement of that move right around the open. We’ll decline through a support level that we recently declined through once before early in the morning. There’s a period of volatility between roughly 10:00 a.m. and 11:00 a.m. That volatility ends with a fast, sudden move higher which takes us to an overbought crest or peak between roughly 11:00 a.m. and noon. We’ll then sell off through multiple support levels midday.
There’s a lot of price change and a day’s low midday. There’s a notable reversal at a key range on a multi-day scale between roughly 1:00 p.m. and 2:00 p.m. taking us to a support level that we’ll establish in the last hour. There’s a prominent move higher off of that support level. We’ll establish support at a higher level with sideways fluidity moving into the close. There may be some tricky behavior around the close.
On June 28th, there’s an important trade on a multi-day scale.