US30 Analysis (Daily Timeframe)
Last week US30 tanked with the news regarding the Russia vs Ukraine situation. At the end of the week the market rejected 32250 and had a strong bullish retracement.
Even though this was a strong rejection I am not in favors of the bulls just yet, because price is currently closing below the 200EMA which is a key indicator in identifying the trend.
If price rejects the 200EMA and forms resistance after printing a bearish candle, I will be looking for sell opportunities to possibly retest the low that was created last week.
But, if price pullback to form support and creates a higher low from the rejection wick, then this will confirm more bullish momentum. Waiting to see how price reacts throughout the week with a true trend direction identified by the end of the week. Keep in mind that there are a few important news reports regarding the economy this week which will bring volatility to the markets.
1.Price is in a bullish trend.
2. Market structure was broken here, but price has closed back into this range.
3. Price has closed below the 200 EMA (which is great indicator for identifying the trend) if price rejects, this is a great indicator for a bearish continuation.
4. Price did have a strong wick rejection from 32250, but I think price may retest this low since price is now closing below the 200EMA. If we form resistance and reject the 200EMA, price can definitely continue bearish to retest the lows
Even though this was a strong rejection I am not in favors of the bulls just yet, because price is currently closing below the 200EMA which is a key indicator in identifying the trend.
If price rejects the 200EMA and forms resistance after printing a bearish candle, I will be looking for sell opportunities to possibly retest the low that was created last week.
But, if price pullback to form support and creates a higher low from the rejection wick, then this will confirm more bullish momentum. Waiting to see how price reacts throughout the week with a true trend direction identified by the end of the week. Keep in mind that there are a few important news reports regarding the economy this week which will bring volatility to the markets.
1.Price is in a bullish trend.
2. Market structure was broken here, but price has closed back into this range.
3. Price has closed below the 200 EMA (which is great indicator for identifying the trend) if price rejects, this is a great indicator for a bearish continuation.
4. Price did have a strong wick rejection from 32250, but I think price may retest this low since price is now closing below the 200EMA. If we form resistance and reject the 200EMA, price can definitely continue bearish to retest the lows
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