*Accuracy rating update: 82% or 9/11 predictions correct*
Day’s theme: A failed attempt to break through key resistance followed by a decline through key support on a one-day chart.
Behavior around the high: The high is right around the open.
Behavior around the low: N/A
Trade opportunities: Advised to open up some protection around the open.
Overview:
On November 10th, we open lower. There’s a notable decline in the pre-market. Around the open, there’s a move higher through resistance followed by a decline and full retracement back down to where the move higher started. In the midst of that, I’m advised to open up some protection. We’ll have some volatility between 10:00 a.m. and 11:00 a.m. and a failed attempt to break through key resistance between 11:00 a.m. and noon. We’ll have some sideways rotation along support midday. There will likely be a U-shaped dip between roughly 1:00 p.m. and 2:00 p.m.
Between 2:00 p.m. and 3:00 p.m., there’s a big move to the upside where we push the upper end of a range. In the last hour, there are three pokes through the same price level, and after the third poke there’s a notable decline. There’s some significant deception around the close involving selling from near overbought territory. This might be spoken deception, possibly something to do with a speech or a law/regulation of some sort. In the post-market, it looks like there’s a pretty big move to the upside.
Sneak preview:
We open higher on November 11th, but I’m advised not to expect a much bigger move higher.