Long
US30 Analysis 01/05/22
Updated
Price formed a high yesterday which has now become the target for today. I believe that price will retest yesterday's highs and could possibly continue bullish. If not, price may retest yesterday's highs and then start to reject.
I favor the bulls in this scenario because the price has broken its previous highs and created new ones. The 200EMA also looks like it is providing additional support for the trend to continue bullish, but if price begins to reject the new highs, I believe that once price breaks 37000, it will begin to move bearish to retest the major resistance that was broken earlier this week.
Waiting for market open volume to place a trade.
I favor the bulls in this scenario because the price has broken its previous highs and created new ones. The 200EMA also looks like it is providing additional support for the trend to continue bullish, but if price begins to reject the new highs, I believe that once price breaks 37000, it will begin to move bearish to retest the major resistance that was broken earlier this week.
Waiting for market open volume to place a trade.
Note
I meant 36700, but honestly if price begins to break 36770 within that range, there is a chance it could continue bearish down to 36715 and then if that is broken, price can possibly reach 36610. This is my outlook on the bears. Price overall has been creating lower highs, but we wont know the true direction until price leaves this range.
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