Month’s Theme: An important resistance level highlighted on at least a one-month scale. That’s crossed with a decline to and through support.
Behavior Around the High: A prominent move higher into the high followed by sideways rotation.
Behavior Around the Low: Out of the low there’s a notable move to the upside in the face of seemingly overwhelming headwinds.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a short position on the 13th and close it on the 18th.
An opportunity to open a long position on the 18th and close it either on the 20th or on the 27th.
Overview
On the 2nd, we have bumping along resistance and a prominent trough. On the 3rd, there’s a rally that ends with the halting of a bullish trend marked by a sharp decline through key support. On the 4th, there’s an unexpected move higher out of what’s likely a lowest low. There’s a big move out of that low to the upside on the 5th. On the 6th, there’s likely a gap down with another move to the upside. There’s likely a gap down over the weekend.
On the 9th, we’ll decline into midday and then have a notable rally out of that into a peak or crest on the cusp of the 9th/10th. There’s a significant move higher early in the day on the 10th and some sideways fluctuation. On the 11th, we’ll open lower but then have a notable move to the upside. We’ll poke through resistance, stay above it briefly, and then break back down through the same price level shortly thereafter with a full retracement. There’s sideways rotation on the 12th that ends with a fast, sudden move higher taking us into another peak or crest on the 13th. We’ll then break down through multiple support levels on the 13th into the 16th.
We’ll continue to decline on the 16th. There’s a big move higher on the 17th and we’ll likely gap down on the 18th taking us into a lowest low. Out of that, there’s a prominent move higher and then a full retracement back down. Early on the 19th, we’ll have multiple failed attempts to break through key resistance and then another decline to a lowest low. On the 20th, there’s a brief peak followed by a decline through multiple support levels.
On the 23rd, some sideways rotation and a move to the upside. On the 24th, there’s likely a prominent trough. On the 25th, there’s a rally along a diagonal trend line and then a decline through multiple support levels with increasing volatility on the way down. There’s a move to the upside on the 26th where we’ll break through resistance momentarily and break back down through that price level shortly thereafter. On the 27th, we’ll push the upper end of a range higher.
On the 30th, there’s a sharp drop within a period of volatility. On the 31st, there’s a prominent trough.
Sneak Preview
A notable move to the upside offering an opportunity to open a short position.