US30 Dow Jones Index: Divergence, Resistance, RSI Over-bought
Expecting a fall this week in the US30, indicated by RSI divergence. I'm also expecting USD strength which normally negatively affects the Dow, and would support this idea.
We're coming up to tough resistance, we're over-bought on the LTF's (1 - 8hrs), so I'm expecting a retracement to 33600 (first target), a break of this level would confirm a local double top / M pattern and a fall back to 32750.
Watching on the LTF's for confirmation ahead of any trade.
We're coming up to tough resistance, we're over-bought on the LTF's (1 - 8hrs), so I'm expecting a retracement to 33600 (first target), a break of this level would confirm a local double top / M pattern and a fall back to 32750.
Watching on the LTF's for confirmation ahead of any trade.
Comment:
Looks like we've tested resistance (previous support around 34390) and heading south...
Trade closed: target reached