Day’s Theme: A rally along a diagonal trend line through horizontal resistance to meet a secondary resistance before pulling back to somewhere between those two price levels.
Behavior Around the High: Not specified.
Behavior Around the Low: Not specified.
Exclusive Trade Opportunities for Subscribers:
An opportunity to either add to a long position opened earlier or open a full long position at a low around 3:00 in anticipation of the first trading day in December.
Overview
In the morning, we’ll open at an important trough or low that’s short-lived. We’ll then have a big move to the upside pushing the upper end of a range higher. That offers an opportunity to open a short position. That turns into a decline through multiple support levels between 11:00 and noon. Midday, there’s a rally that increases with momentum as we move forward in time. There’s a high and low within close proximity to each other between 1:00 and 2:00. We’ll have some bearish price swings between 2:00 and 3:00. We’ll break through key resistance between 3:00 and 4:00 and then have some sideways rotation.