US30 Weekly Outlook - Where are we headed?! - 05232022
Last week was absolutely crazy for US30!
There was a HUGE drop on Thursday 05192022 with a lot of volatility throughout the week.
The sentiment on US30 is still definitely Bearish in my opinion.
On the monthly we are seeing a huge bearish candle with 9 days left. We're also pushing down to the 38.2 fib level on the monthly timeframe beginning from the bottom of the Covid drop in March 2020 and the subsequent bull run.
On the weekly we are seeing this reinforced by higher highs and higher lows forming while price is breaking thru previous levels of support.
Most recently this past Friday 05202022 price broke past a Weekly level of support/resistance at 30958.
It then pushed back up late Friday session however it is very likely that this level will get retested again in the near future.
On the daily, H4, and H1 timeframes we are seeing further confirmation of this with actually very clean structure forming lower highs and lower lows on these TFs.
I have adjusted my fib down to this new low of approximately 30650 which was hit on Friday.
I anticipate price will push back up the previous structure highs formed in confluence with a 38.2 fib level and H4 supply/demand zone in this same area.
If this occurs and price exhibits signs of exhaustion/reversal then I will be looking to get into another sell position, targeting recent lows.
100 point stop above structure, 1:2 RRR minimum, begin trailing stop at +150 points leaving a 100 point buffer.
I'll see you tomorrow morning pre NY session.
Enjoy the rest of your Sunday!
Last week was absolutely crazy for US30!
There was a HUGE drop on Thursday 05192022 with a lot of volatility throughout the week.
The sentiment on US30 is still definitely Bearish in my opinion.
On the monthly we are seeing a huge bearish candle with 9 days left. We're also pushing down to the 38.2 fib level on the monthly timeframe beginning from the bottom of the Covid drop in March 2020 and the subsequent bull run.
On the weekly we are seeing this reinforced by higher highs and higher lows forming while price is breaking thru previous levels of support.
Most recently this past Friday 05202022 price broke past a Weekly level of support/resistance at 30958.
It then pushed back up late Friday session however it is very likely that this level will get retested again in the near future.
On the daily, H4, and H1 timeframes we are seeing further confirmation of this with actually very clean structure forming lower highs and lower lows on these TFs.
I have adjusted my fib down to this new low of approximately 30650 which was hit on Friday.
I anticipate price will push back up the previous structure highs formed in confluence with a 38.2 fib level and H4 supply/demand zone in this same area.
If this occurs and price exhibits signs of exhaustion/reversal then I will be looking to get into another sell position, targeting recent lows.
100 point stop above structure, 1:2 RRR minimum, begin trailing stop at +150 points leaving a 100 point buffer.
I'll see you tomorrow morning pre NY session.
Enjoy the rest of your Sunday!