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US30 : Intraweek Technical Analysis
Last week I was looking for short positions in US30 and I was expecting US30 to test its supports of 31000 and went all the way to 30500 extending its downtrend below the previous low of 31000. The US30 took support from a very strong support point where a lot of upper channel trendlines are passing . this level of 31000 is very crucial for the bull to maintain otherwise we might see the downward extension for another 1000 points to 29700. Currently the 21MA is above 50MA which is going to test the 50MA at 50% fib level on daily time frame. I am expecting a pull back to 32000 in coming week before interest rate announcement due on 21st of September after which the US30 will decide its next course for three months. My idea is that US interest rate will be in line with the market expectations. I am targeting 32000 and 31500 for coming week , with entries at 31000 and 30000 in case the downtrend persists before interest rate announcement for the first three days of the week.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics
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