By Andria Pichidi - November 19, 2018
USA30 has reversed off its resistance once again, at 26,000-26,777 (November's peak and latest daily fractal high, 23% Fibonacci retracement, trendline connecting lower peaks since October). It is currently consolidating around the 20-day SMA, at 25,250, after breaking below the 50- and 200-day SMA, where it could potentially continue sloping lower, towards its 2-month Support area at 24,240-24,400 (38.2% Fibonacci retracement, horizontal overlap support in November). Meanwhile, the death cross formed further supports the negative outlook in the near term for USA30.
RSI (14) is neutral as it is consolidating around 50 and MACD (12,26,9) remains within the negative area, however it presents poor negative momentum so far.
Andria Pichidi
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
USA30 has reversed off its resistance once again, at 26,000-26,777 (November's peak and latest daily fractal high, 23% Fibonacci retracement, trendline connecting lower peaks since October). It is currently consolidating around the 20-day SMA, at 25,250, after breaking below the 50- and 200-day SMA, where it could potentially continue sloping lower, towards its 2-month Support area at 24,240-24,400 (38.2% Fibonacci retracement, horizontal overlap support in November). Meanwhile, the death cross formed further supports the negative outlook in the near term for USA30.
RSI (14) is neutral as it is consolidating around 50 and MACD (12,26,9) remains within the negative area, however it presents poor negative momentum so far.
Andria Pichidi
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.