Day’s Theme: A notable decline that creates multiple new resistance levels on the way down.
Behavior Around the High: A key technical resistance level at the high.
Behavior Around the Low: A prominent peak that we’ll decline off of into the low.
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I’m advised to trade around multiple failed attempts to break through key resistance.
In the pre-market, there’s a decline that ends with a fast, sudden move higher. That decline ends at a trough or significant low right around the open or in the first half hour. There’s then a move out of that trough to reach the top of a range. We’ll then revisit a support level that was recently a passed opportunity in the midst of a decline between 10:00 and 11:00. There may be a little bit of a peak around 11:00. There’s three pokes through the same price level followed by a sharp drop after the third poke between 11:00 and noon. Around noon, there’s a failed attempt to break through key resistance followed by a decline through key support. That will take us into a low between 1:00 and 2:00. There’s a lot of price change to the upside to reach a day’s high again in the last two hours. In the post-market, we’ll decline with consecutively lower spikes up on the way down.