Updated: Nov 29, 2022
*Accuracy rating update: 100% or 13/13 predictions correct*
Day’s theme: A sideways S-formation to the downside.
Behavior around the high: A decline off of the high that stands out on a one-day chart, however this behavior is nullified.
Behavior around the low: A decline from a support level to meet a secondary support level and then we rotate alongside that support.
Trade opportunities: There’s a trade opportunity in the midst of a decline in the last hour of trading.
On November 21st, we’ll open higher in the pre-market, however there’s a significant reversal that takes place. We’ll see a rally that breaks down through a diagonal trend line and we’ll have a day’s low around the open. There’s a crest in the first half hour and we sell down from that crest to and through a support level. We’ll then turn around and move to the upside to reuse that previous support level. There’s a halting of a bullish trend marked by a decline through a key support level between roughly 10:00 a.m. and 11:00 a.m. There’s a U-shaped dip around 11:00 a.m. or noon. There’s a move higher through a resistance level between roughly noon and 1:00 p.m. and we stay above that resistance level briefly. It’s possible there’s a day’s high around this time.
There’s sideways rotation along a support level between 1:00 p.m. and 3:00 p.m. with a fast, sudden move marking the end of that sideways rotation. We’ll see a move to the downside in the last hour of trading. Between roughly 3:00 p.m. and close, there’s a trade opportunity in the midst of a sharp decline. Be cautious of a fake out right around the close. In the post-market, out of a decline there’s a notable move on a one-day chart from the bottom of a range to the top of a range.
It looks like we’ll open up around the same price level on the 22nd.