Updated: Apr 1
Theme: An intentional fake out or shakeout. There will be volatility and we will meet important resistance.
Around the high we revisit support and an important opportunity.
Around the low have a flight to safety.
In the pre-market there is a notable move downwards through multiple support levels followed by a sudden move higher around the open. We have multiple failed attempts to break through key resistance in the first half hour. Between 10am and 11am, we have a high correlation in the midst of volatility. There is a fakeout that looks like we will go higher but we break down. Volatility increases from 11am to noon and there are price swings highlighted within a very sharp dip. Between 12pm and 1pm we have back and forth criss cross three times through a price level that confirms a bullish trend. In the following hour we have bullish rotation and possibly another fake out. We have another days crest around three, and in the last hour of trading we break down through support to meet another and bounce along until we break down again.
There is a trade opportunity with a sharp drop and multiple false bottoms.