Updated: Sep 5, 2022
We attempt to establish support, we fail.
We start off with an opportunity right around the open. We could open some shorts and protect against long positions. There are three pokes through resistance, followed by a drop from that third poke around the open or within the first half hour. We have a crossing back and forth through the same price level. We have news between 10am and 11am, and there is a selling down through support. We come back up and bounce above it. In the following hour news comes out and it creates a drop. There are some spikes on the way down and each consecutive spike is lower than the prior one. On the way down they meet resistance at moving averages. There is some tricky behavior midday, I see a big push higher off of support to meet a second support level and then we break down further. We bounce along that price level and then break down again. We meet a day’s low here. There is a trade opportunity between roughly 1pm and 3pm to cash in in that low. A price level is highlighted and there is an important price level highlighted, acting as resistance between roughly 2pm and 3pm. In the last hour of trading, we fall from that price level to meet a support level. We bounce along that support and bush out of a decline. There is a surprising push higher out of a decline towards the end of the day. There is a prominent spike right at the close and we hit resistance there again. There is also a significant trade opportunity in the last hour. I sense a 5% drop happening this week.