Updated: Sep 28, 2022
*Accuracy rating update: 94% or 17/18 predictions correct*
Theme: A move through a support level to meet a secondary support level. We’ll then move sideways along that support level.
For September 2, 2022, there will be a notable rally that meets the high as well as a notable decline out of the high. The high and the low are within close proximity to each other. Around the high there will be some volatility and an opportunity to open a position to play both sides of the market. The low will form after a sharp decline from the high. In pre-market, we’ll see a failed attempt to break through key resistance followed by a break down through a key support level. We then have a move to the upside followed by a move back down completing a full retracement around the open. This will stand out on a one-day chart. There’s a completion of a rally in the first half hour of trading.
Starting around 10:00 a.m. and moving into 12:00 p.m., we’ll see a sideways fluctuation with an overall bullish trend. Around 11:00 a.m., we’ll likely see a bit of a dip. Out of that dip, there’s a notable move from the bottom of a range to the top of a range. We see a high and a low again midday. From a near overbought crest on the RSI we sell down to that low. Between 1:00 p.m. and 2:00 p.m., we’ll see a break through horizontal resistance and meet a secondary resistance that we move alongside. Between 2:00 p.m. and 3:00 p.m., we see a lot of volatility. There’s a high and a low again. It looks like there’s a rally into a fast sudden move higher but it’s interrupted toward the close. There’s another trading opportunity at a high to position oneself for both directions of trading. In the post-market, we’ll see sideways fluidity along support. In the following day, there will be an important price level highlighted again.