LOOKING AT US30 S&D. By the looks of it, monthly tf shows a clear turn to the downside. Can we say that US30 reached 36k due to the effect of COVID? Not so sure. But the strong uptrend needs to be corrected. On weekly we can see the trendline to the downside. Couple of areas to look at,
33000 is a good area to keep an eye for as an arrival zone. Finding a nice short entry between 33500 and 33000 would be a good entry.
Supply area 31400 comes just above a gap that will fill up eventually. This supply zone is of course weak and not tested. may break in the next corrective move. However the area can be used to wait for a confirmation to sell.
Long term goal would be the weekly demand zone near 24600. That zone is strong, as was tested previously and US30 may bounce from that area.
Fundamentals play a role in all this. as there are many FED meetings scheduled in 2022. Next one will be Near August which is known to be a slow month.
These are my ideas on US30 long term move, I will be looking for supply areas in htf to enter shorts. Most Demand zones below 30k are weak.
33000 is a good area to keep an eye for as an arrival zone. Finding a nice short entry between 33500 and 33000 would be a good entry.
Supply area 31400 comes just above a gap that will fill up eventually. This supply zone is of course weak and not tested. may break in the next corrective move. However the area can be used to wait for a confirmation to sell.
Long term goal would be the weekly demand zone near 24600. That zone is strong, as was tested previously and US30 may bounce from that area.
Fundamentals play a role in all this. as there are many FED meetings scheduled in 2022. Next one will be Near August which is known to be a slow month.
These are my ideas on US30 long term move, I will be looking for supply areas in htf to enter shorts. Most Demand zones below 30k are weak.