Updated: Dec 1, 2022
*Accuracy rating update: 100% or 11/11 predictions correct*
A notable rally on a multi-day chart as well as an important high on a multi-day chart. Around the high, we have a rally that increases with momentum moving into the high. I’m also advised to open up protection around this time. Around the low, we have multiple failed attempts to break through key resistance. There’s a notable move to and off of the low as well.
In the pre-market on October 7, 2022, we’ll see selling from near overbought territory on the RSI. There’s a notable decline on a one-day chart around the open. This marks an opportunity to open up a long position. In the first hour, there’s a notable move out of oversold territory or to fill a previous gap down. Between roughly 10:00 a.m. and noon, we’ll have a day’s high if not two highs for the day, likely forming a U shape. This is followed by a drop through multiple support levels to a day’s low between roughly 10:45 a.m. and 12:15 p.m. We then bump sideways along a resistance level between noon and 1:00 p.m. There is also another notable rally that will stand out around this time. Between roughly 1:00 p.m. and 2:00 p.m., we have a trade opportunity with some sideways rotation along a support level increasing with bullish sentiment and momentum as we move into 2:00 p.m.
Between 2:00 p.m. and 3:00 p.m., we move a bit higher, even in the face of seemingly overwhelming headwinds. We’ll also see a bit of a decline closer to 3:00 p.m. Out of that decline, we have a big move to the upside in the last hour. There’s a cash out opportunity or an adjustment opportunity right around the close. We attempt to establish support and then move sideways along support at the close and even into the post-market.
A decline offering an opportunity to open up a long position in the midst of that decline.