Day’s Theme: The theme is nullified. In other words, there isn’t a correlation to anything.
Behavior Around the High: An easily missed opportunity at a brief peak.
Behavior Around the Low: The reestablishment of support.
Trade Opportunities:
I’m advised to trade around an unexpected move to the upside that will stand out on a one-day chart.
An opportunity to open a long position in the midst of a sideways-fluctuating decline.
There’s a trade opportunity around the close.
Overview
On May 15th, there’s a U-shaped dip that forms near the intersection of two perpendicular trend lines. We’re bound by a range on a one-day chart around the open or in the first half hour. There’s a bit of a rally in the first half hour that offers an opportunity to open a short position. We’ll peak through resistance, stay above it briefly, and then break back down through the same price level. That’s followed by a notable decline from a high to a low.
The high and the low will be around the middle part of the day. The low will be at an important technical price level. We’ll go from a high, down to a low, and back to a high to reach for distant resistance between noon and 2:00 p.m. There’s a peak followed by a decline through multiple support levels between roughly 2:00 p.m. and 3:00 p.m. Around 3:00 p.m., there’s an opportunity to open a long position in the midst of a sideways-fluctuating decline. Right around the close, we’ll see a notable move on a one-day scale from the bottom of a range to the top of a range. There’s a trade opportunity at the close. In the post-market, we’ll decline to a support level that we recently met once before.
Sneak Preview
On May 16th, we’ll most likely open higher at a crest or peak and then break down shortly thereafter.