Updated: Sep 5, 2022
Opportunity within a decline to open long positions.
Trade: I am advised to trade around an M-shape that happens along a price level.
In the pre-market, there is a decline from a peak whose price level will not be revisited today. Right at the open there is a sudden move higher with bullish rotation along support in the first half hour. From 10am to 11am we have bullish rotation congress or a foreign legislative agency highlighted. In the following hour there is another move higher marking the end of a period of volatility. From 12pm to 1pm we have a U-shaped dip at the intersection of two perpendicular diagonal trend lines. From 1pm to 2pm we have an important price level visited. Between 2pm to 3pm, we have a prominent move to the upside. In the last hour of trading we move lower and spike up to reach moving averages on the way down. We have a sideways-S in the post-market.
Around the high reach resistance and there is notable volatility increasing as we move forward in time. Around the low is sideways fluctuation with the downward trend moving into the low.
Successfully turn resistance into support.