US BANK INDEX - 15% Countercyclical Trade?
Updated
The selloff has been fairly steep in this index as we now trading below the descending channel. We are very oversold here, so let's look for a re-entry back into the channel and see if we can hit channel resistance before we get another consolidating sell-off.
Here's the weekly snapshot:
We can see we are close to the EMA200 and will probably need to retest resistance before we break below it.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Here's the weekly snapshot:
We can see we are close to the EMA200 and will probably need to retest resistance before we break below it.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Note
Back in the channel! Very nice.Note
OK! At resistance and consolidating now. We should not trade below 96ish.Note
Ah!Trade closed manually
Broken support!
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