Day’s Theme: Tricky trend direction.
Behavior Around the High: A prominent move higher on a one-day chart.
Behavior Around the Low: A decline that increases with momentum moving into the low.
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I’m advised to trade around a decline that offers an opportunity to open a long position.
An opportunity to open a long position around 10:00. There may be an opportunity to close it at the end of the day. If not, I would close on the 27th.
We’ll bump along resistance sideways in the pre-market. We may break through resistance and then bump along resistance again. There’s a sideways-fluctuating rally into the high and then at the high there’s a big drop right around the open. That drop will take us into a low around 10:00. You could close a short position and open a long position there to close on the 27th or possibly at the end of the day. Between 11:00 and noon, we should have a move higher that stands out on a one-day chart and break through key resistance. We should stay above it briefly and then break back down through the same price level shortly thereafter. We should see a crest that we’ll sell off from into the close. Around the close, we’ll move higher through resistance and likely have a high there. I would close the long position there.
A fast, sudden move higher on a multi-day scale.