Looking back at May 16th & May 22nd (LINKED IN DESCRIPTION) TA that was sent on US30 the following was stated and played out for both.
MAY 16th TA
“We saw on Friday a nice bullish flag pattern play out. We broke our downtrend trend-line and retested the our bull flag twice clarifying added support to that area.
What we see / need to see now.
1. US30 is still not out of our bearish zone. US30 is still under 200 EMA on our 4 hr chart.
2. US30 retest our downtrend trendline and formed a nice price action support pattern (circled).
3. US30 has entered back into major zone 32050 - 32450.
4. Need to see a higher low formed or a BOS of 32450 which has been a major rejection zone.”
MAY 22nd TA
DAILY OUTLOOK / TAKEAWAYS:
1. US30 is still overall bearish . Retesting major levels 31250 & 30750 for the first time MARCH 2021.
2. Last time these levels were touched we reached ALL TIME HIGHS.
3. US30 is still breaking in and out of descending channel .
4. US30 bounced off of major zone 30750 and is now retesting major zone 31250.
5. NEED TO SEE A FULLY ENGULFING CANDLE TAKE OVER AND ENTER BACK INTO DESCENDING CHANNEL .
6. ENGULFING candle needs to clear BOS and retest BOS to see continued upwards bullish movement.
MAY 25th TA
DAILY TAKEAWAYS:
1. US30 saw multiple retests of BOS / support and resistance level 31550.
2. Fake of candle breaking through BOS (circled) rejection wick.
3. We have broken out of descending channel once again.
4. Need to see a minor retest of descending channel then a break into major zone 32100 - 32450.
5. Next major BOS is positioned at 32650.
MAY 16th TA
“We saw on Friday a nice bullish flag pattern play out. We broke our downtrend trend-line and retested the our bull flag twice clarifying added support to that area.
What we see / need to see now.
1. US30 is still not out of our bearish zone. US30 is still under 200 EMA on our 4 hr chart.
2. US30 retest our downtrend trendline and formed a nice price action support pattern (circled).
3. US30 has entered back into major zone 32050 - 32450.
4. Need to see a higher low formed or a BOS of 32450 which has been a major rejection zone.”
MAY 22nd TA
DAILY OUTLOOK / TAKEAWAYS:
1. US30 is still overall bearish . Retesting major levels 31250 & 30750 for the first time MARCH 2021.
2. Last time these levels were touched we reached ALL TIME HIGHS.
3. US30 is still breaking in and out of descending channel .
4. US30 bounced off of major zone 30750 and is now retesting major zone 31250.
5. NEED TO SEE A FULLY ENGULFING CANDLE TAKE OVER AND ENTER BACK INTO DESCENDING CHANNEL .
6. ENGULFING candle needs to clear BOS and retest BOS to see continued upwards bullish movement.
MAY 25th TA
DAILY TAKEAWAYS:
1. US30 saw multiple retests of BOS / support and resistance level 31550.
2. Fake of candle breaking through BOS (circled) rejection wick.
3. We have broken out of descending channel once again.
4. Need to see a minor retest of descending channel then a break into major zone 32100 - 32450.
5. Next major BOS is positioned at 32650.
