Updated: Feb 20
Day’s Theme: A rally along a diagonal trend line that breaks through horizontal resistance to meet a secondary resistance level, however this is somehow nullified.
Behavior Around the High: A key technical price level around the high.
Behavior Around the Low: N/A
Trade Opportunities: N/A
On March 8th, right around the open we’ll have a move out of a decline from the bottom of a range to the top of a range. We’ll rally along a diagonal trend line into 10:15 a.m. There’s then a fast, sudden move higher marking the end of that rally along a diagonal trend line. That’s followed by a decline through that diagonal trend line with increasing volatility on the way down. That decline increases with momentum moving forward into midday where we rotate sideways along a key support level.
We’ll end that period of rotation with a fast, sudden move higher, and that’s followed by a drop. We’ll then come back up and continue rotating. We’ll establish support in the early to mid afternoon. There’s a notable move to the upside turning resistance into a new support level around the end of the day. There are three pokes through the same price level with a decline after the third poke right around the close. Congress is highlighted in the post-market.
We’ll likely open higher. There’s sideways rotation along key support that increases with bullish momentum as we move forward in time, however that behavior is somehow nullified. #QueenofWands