COULD US 30 BE SWELLING TO NEW HIGHS
Updated
https://www.tradingview.com/x/hhRxCqHJ/
If price drops below 33029.00 I would be interested in selling. In this event, price would lose all respect for the previous resistance turned support idea. It would definitely be indicative of the bank's intention of filling in a previous wick. A bull trendline would be broken if price reaches this point and a new bearish trend would be in the making. I noticed that several attempts, at least 3 now on the daily timeframe have been made to try and break last May's high's. US30 has been on a very strong bullish run since March of 2020. We could be seeing some turn-around in the overall direction. We can yet expect more bulls to rage upwards to the 35100 level and there's even a cross on the 80 level of the stochastic oscillator indicating bearish momentum after the push. My anticipation is in hopes that US30 will indeed spring into new highs as we brace for a change in direction for even lower lows. Price is now currently pulling back into the daily resistance to pop up then fizzle downwards. My first take profit level is 34100. 2nd TP is 33880 and final TP 33029.
If price drops below 33029.00 I would be interested in selling. In this event, price would lose all respect for the previous resistance turned support idea. It would definitely be indicative of the bank's intention of filling in a previous wick. A bull trendline would be broken if price reaches this point and a new bearish trend would be in the making. I noticed that several attempts, at least 3 now on the daily timeframe have been made to try and break last May's high's. US30 has been on a very strong bullish run since March of 2020. We could be seeing some turn-around in the overall direction. We can yet expect more bulls to rage upwards to the 35100 level and there's even a cross on the 80 level of the stochastic oscillator indicating bearish momentum after the push. My anticipation is in hopes that US30 will indeed spring into new highs as we brace for a change in direction for even lower lows. Price is now currently pulling back into the daily resistance to pop up then fizzle downwards. My first take profit level is 34100. 2nd TP is 33880 and final TP 33029.
Note
Article with similar bias from FX Empirefxempire.com/forecasts/article/us30-enters-range-but-remains-bullish-and-aims-at-36-38k-741269
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.