Updated: Feb 20
Day’s Theme: A move higher through key resistance followed by a full retracement of that move higher briefly thereafter.
Behavior Around the High: A notable move into the high that will stand out on at least a one-day chart. The day’s high and the low are within close proximity to each other.
Behavior Around the Low: We’ll establish key support at the low and that’s followed by a move to the upside that stands out on a one-day chart.
I’m advised to trade around a period of volatility that ends with a fast, sudden move higher.
On March 31st, we’ll rotate sideways along key support, rise to meet the nearest resistance, and then fall back down to that support level in the pre-market. We’ll have a rally along a diagonal trend line around the open and then sell off from an overbought crest after multiple failed attempts to break through key resistance. There are some sideways price swings along key support between roughly 10:00 a.m. and 11:00 a.m. There’s a new local high that forms between 11:00 a.m. and 1:00 p.m.
There’s a second crest or high midday in the midst of sideways rotation. That’s followed by a sharp decline after bumping along resistance between noon and 2:00 p.m. There’s a notable decline after bumping along resistance that likely takes place around 1:15 p.m. There’s erratic behavior back and forth through the same price level moving into the end of the day. We’ll revisit a crest that was recently a past opportunity. In the last hour, we’ll establish support. Right around the close, there’s a fast, sudden move higher that’s easily missed. There’s a rally in the post-market that increases with momentum moving forward in time.
On April 1st, there’s a sharp decline in the midst of some bearish price swings.