Updated: Aug 29, 2022
A range is highlighted, with a reversal coming at the top of a range.
In the pre-market, we have a decline through a notable support level. The high, peak, or price level at the open or first half hour will not be revisited today. We have a crossing back and forth three times through one price line, confirming a bullish trend between 10am and 11am. In the next hour, an agreement between two leaders or a merger is highlighted. This marks an opportunity to open short positions or protect long positions. There is a failure and sharp decline between noon and 1pm. Between 1pm and 2pm we have a crest or peak that forms when we move up higher through resistance. We drop back down below it from 2pm to 3pm and we rally higher, breaking through resistance levels. Even when you expect the market to go down, it goes higher. From 3pm to the close we have a selling from a peak or high, with some profit taking near it. It commences near the 80 mark on the RSI. In the post-market we have a move higher through resistance, creating support.
Around the high, there is a breakout to reach the high. There is a sharp decline out of the high to reach the low.
The following day, there is a lot of volatility.