Downward sideways fluctuation with a downward trajectory that precedes a rally.
We start off at what looks like a high in the pre-market, and then we revisit an important support level that was also a good opportunity. We moved sideways after hitting some resistance right around the open. There is some sideways fluidity along a support and a move higher through resistance that comes back through the same price level between 10am and 11am. There is a trade opportunity within that pop higher, and it looks like we have a reversal in the following hour, with the opportunity on the later end of that. It looks like there is a false bottom or fake out between roughly 12pm and 1pm. There is also quite a bit of volatility and there is a sharp dip within that volatility that continues downward in the following hour. There is a notable push higher off of support between 2pm and 3pm, followed by another decline in the last hour. There is a trade opportunity between roughly 2:30pm and 3pm, and then again right around the close. We visit an important prive level at resistance. A day’s high is correlated with the end of the day.
The behavior moving into the high is going to be a rally along a diagonal trend line that breaks through horizontal resistance and meets a second before pulling back.
Multiple failed attempts to break resistance.