#US30 / #DJI - BEARISH PATTERN ON WEEKLY and DAILY
CURRENCYCOM:US30
DJI bounced form the 0.618 fib level on the weekly and is forming something close to a bear 180 on the weekly which is a bearish pattern.
On the daily, US30 got rejected from the 200MA and has formed a candle with a big top wick which shows presence of good selling pressure (see the image below).
If it starts to trade and hold below 25050 , then we can see another wave down and we should next support near 24500 level as per the weekly chart.
Considering global scenario, i am expecting bearish/sideways market for the short term (and i have been saying the same in the previous few posts) as we are seeing sell-off in all markets. It would be sensible to not long the current market unless we see some bullish signs.
Trade Safe!
Daily RSI
US30 - 50 ( Neutral Zone )
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DJI bounced form the 0.618 fib level on the weekly and is forming something close to a bear 180 on the weekly which is a bearish pattern.
On the daily, US30 got rejected from the 200MA and has formed a candle with a big top wick which shows presence of good selling pressure (see the image below).
If it starts to trade and hold below 25050 , then we can see another wave down and we should next support near 24500 level as per the weekly chart.
Considering global scenario, i am expecting bearish/sideways market for the short term (and i have been saying the same in the previous few posts) as we are seeing sell-off in all markets. It would be sensible to not long the current market unless we see some bullish signs.
Trade Safe!
Daily RSI
US30 - 50 ( Neutral Zone )
If you found the article useful -
HIT LIKE & FOLLOW FOR MORE
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