US 30 heading into trouble?
Hi guys,
The Dow Jones US 30 is also grinding slowly higher and continually making all time highs.
Currently price is heading towards an area where we may find some strong selling pressure.
The highlighted box on the chart is taht area and it contains the 2.0 retracement of the bear market high to low. I think this level is more significant due to the fact that the previous level of 161.8 did not provide any resistance.
The upper trendline also coincides with this area . Weekly RSI is showing massive divergence but thats been like that for a long time. Daily is showing divergence but not quite in overbought. 4 hour is showing divergence and clearly overbought.
Lower time frame entry using candlestick chart patterns etc could lead to some nice risk to reward trades.
Safe Trading all.
The Dow Jones US 30 is also grinding slowly higher and continually making all time highs.
Currently price is heading towards an area where we may find some strong selling pressure.
The highlighted box on the chart is taht area and it contains the 2.0 retracement of the bear market high to low. I think this level is more significant due to the fact that the previous level of 161.8 did not provide any resistance.
The upper trendline also coincides with this area . Weekly RSI is showing massive divergence but thats been like that for a long time. Daily is showing divergence but not quite in overbought. 4 hour is showing divergence and clearly overbought.
Lower time frame entry using candlestick chart patterns etc could lead to some nice risk to reward trades.
Safe Trading all.
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