DJCFD (DJ Transportation Average index).Macro BullishHi,
Some say that the DJCFD is a good indicator for the general stock market, eg SP500.
If DJCFD does well, the others will do well.
This past week, as per the weekly chart, we can see a solid bullish candle close above a main resistance.
Before its retests this resistance level, I am leaning towards it reaching to the upper part of this regression channel first.
OBSERVATIONS\THOUGHTS:
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> MACD shows convergence on the daily and the weekly chart.
> Using both the channel and the fib tool, the next target level has confluence with both of these elements.
> Chart below shows top resistance trend line with confluence to this target area.
> Hopefully this also gives the SP500 and BTC the spring it needs for the bull trend to continue, once again.
NOTE: DXY finished bearish last week, which gives extra weight to this thesis.
Please give me a like or tick for this post.
Regards,
S.SAri
NOTE the top resistance trend line has confluence on my target as well
