Updated: Sep 4, 2022
Multiple failed attempts to break through key resistance.
In the pre-market, we test resistance and there is a trade opportunity. We fall from resistance through support and then go back up through support to the resistance from which we fell. The price level is highlighted in the first half hour, especially on the earlier side of it. There is a trade opportunity to open some calls around that price level, and we have what looks like some resistance that we fail to break through. This is most likely within the 10am to 11oclock hour, give or take 15 minutes. We have a failed attempt to break resistance, and something we expected doesn’t take place. We fake out and go lower, and there is a crest in the following hour. We fall from that with some spikes going lower on the way down as they meet moving averages between 12pm and 1pm. There are three trade opportunities: one in the first half hour around a low, one between 2pm and 3pm that involves volatility ending with a sudden move higher, and one in the lose hour of trading right around the close or overnight.
Prominent move to the upside.