Updated: Feb 20
Day’s Theme: A notable breakout standing out on at least a one-day chart and possibly a multi-day chart, however this may not hold.
Behavior Around the High: Three crisscrosses back and forth through the same price level confirming a bullish trend.
Behavior Around the Low: A decline through multiple support levels, however behavior throughout the day nullifies the lowest low. My sense is that the low is first thing in the morning.
A trade opportunity around the open.
On March 17th, we’ll see a gap down in the pre-market and then have multiple false tops or bottoms around this time. There’s a trade opportunity right around the open. We’ll move higher through resistance to create a new peak or crest on a one-day chart. We’ll then decline from that peak or crest in the first half hour. There’s a trough that we’ll meet around 10:00 or 10:15 a.m. We’ll then have a notable move to the upside where we break through an important price level and establish new support at a higher level around 10:45 a.m. We’ll rotate sideways along that key support for a bit and then move higher through resistance. We’ll stay above that resistance briefly and then break back down through that same price level shortly thereafter with a full retracement.
There’s a notable decline through a support level that we already broke through. We’ll have erratic behavior back and forth through the same price level with at least one sharp drop and a crest in the midst of that behavior into the end of the day. There’s a notable move out of a trough along a diagonal trend line in the last hour. We’ll meet resistance toward the very end of the day and then sell off from that with consecutively lower spikes up on the way down in the post-market or possibly overnight.
On March 20th, we’ll open lower in the pre-market.