US30 - BULL safely playing within the upward parallel channel
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US30
From 3rd September we have seen a strong selling pressure of tech stocks which leads the downward fall of US30 and its indicates with the strong bearish engulfing candle and dropped almost 1000 points in a single day And felled below the 50,100 EMA on that day.
From September-03 to September-30 its traded with in a downward parallel channel.
On September 16 its managed to push above the 3EMA and suddenly fell and strayed below the 03EMA and reached September low level which is 26530.
From this the bearish reversal happened and went bullish and formed a upward
parallel channel. Currently the US30 is trading between the .50 And .618 Fibonacci retracement level. And the middle line of the upward parallel channel is acting as resistance for the bull.
If its managed to fell below the channel means the bear will take control of the market until then the bull is remain in control.
The sudden drop on yesterday is caused by the disagreement between Republic and democrats on Second round of stimulus talks.
And the drop was resisted by the confluences of 03 EMA in the same region around 27650. And today US30 is managed to gain back most of the yesterday lose.
And currently .618 Fibonacci is acting as resistance. My bias is towards north until US30 is staying the upward parallel channel
Disclaimer
Its a forecast of the next expected moves Not a financial advice
US30
From 3rd September we have seen a strong selling pressure of tech stocks which leads the downward fall of US30 and its indicates with the strong bearish engulfing candle and dropped almost 1000 points in a single day And felled below the 50,100 EMA on that day.
From September-03 to September-30 its traded with in a downward parallel channel.
On September 16 its managed to push above the 3EMA and suddenly fell and strayed below the 03EMA and reached September low level which is 26530.
From this the bearish reversal happened and went bullish and formed a upward
parallel channel. Currently the US30 is trading between the .50 And .618 Fibonacci retracement level. And the middle line of the upward parallel channel is acting as resistance for the bull.
If its managed to fell below the channel means the bear will take control of the market until then the bull is remain in control.
The sudden drop on yesterday is caused by the disagreement between Republic and democrats on Second round of stimulus talks.
And the drop was resisted by the confluences of 03 EMA in the same region around 27650. And today US30 is managed to gain back most of the yesterday lose.
And currently .618 Fibonacci is acting as resistance. My bias is towards north until US30 is staying the upward parallel channel
Disclaimer
Its a forecast of the next expected moves Not a financial advice
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