US30 has been very bearish for weeks as a result of the Russia Ukraine crisis and rising USD rates.
From the impulsive bearish movement price has tested a major supporting trendline on the weekly for the third time, sparking a bullish movement.
An inverse head and shoulders was formed and the price broke the neckline, moving higher.
The market is now approaching the 61.8% Fib retracement. This will likely result in a bearish movement that will lead to the retest of the Inverse head and shoulders or a complete bearish continuation.
CURRENCYCOM:US30
Happy Trading!
From the impulsive bearish movement price has tested a major supporting trendline on the weekly for the third time, sparking a bullish movement.
An inverse head and shoulders was formed and the price broke the neckline, moving higher.
The market is now approaching the 61.8% Fib retracement. This will likely result in a bearish movement that will lead to the retest of the Inverse head and shoulders or a complete bearish continuation.
CURRENCYCOM:US30
Happy Trading!
