US30 Headed back to bearish channel
Afternoon,
a week and a half ago I posted an idea with targets starting with 32500 and also provided a good entry and signal in the comments with good interim targets. Several which were hit. We will note that us30 has broken out of a bearish parallel channel on the weekly but appears to be headed back toward it where we may see either A. a retest or B. A break and retest for a move back to the downside.
32500-32530 remains a key area as many may recall from November 10th- this was an area of support that positive CPI data took us up from. It has also been a key support of note recently.
On our weekly timeframe- observe the MACD histogram fading and starting to cross down. In addition, on the 1 hour, 4 hour, and daily time frames we will see that 33460 appears to be a top. with 33470 being a threshold back to 33900. US30 has repeatedly failed to break 33460 ( 1 hour time frame nearly a triple top)
Back to the weekly timeframe-
It is important to watch if US30 breaks below 32530 with momentum. At this point a retest of the trendline that serves as the top of the parallel channel is the only possibility between us30 maintaining any bullish chance of recovery or slipping back to lower lows.
Here are my bearish swing scenario setups:
Sell limit
33100
SL 33400
TP1 32840
TP2 32720
TP3 32640
TP4 32530
Next key levels:
32350
32220
32100
31720 --Threshold level to
30.6k 29.7k 28.8k 27.4k and 26.5k
a week and a half ago I posted an idea with targets starting with 32500 and also provided a good entry and signal in the comments with good interim targets. Several which were hit. We will note that us30 has broken out of a bearish parallel channel on the weekly but appears to be headed back toward it where we may see either A. a retest or B. A break and retest for a move back to the downside.
32500-32530 remains a key area as many may recall from November 10th- this was an area of support that positive CPI data took us up from. It has also been a key support of note recently.
On our weekly timeframe- observe the MACD histogram fading and starting to cross down. In addition, on the 1 hour, 4 hour, and daily time frames we will see that 33460 appears to be a top. with 33470 being a threshold back to 33900. US30 has repeatedly failed to break 33460 ( 1 hour time frame nearly a triple top)
Back to the weekly timeframe-
It is important to watch if US30 breaks below 32530 with momentum. At this point a retest of the trendline that serves as the top of the parallel channel is the only possibility between us30 maintaining any bullish chance of recovery or slipping back to lower lows.
Here are my bearish swing scenario setups:
Sell limit
33100
SL 33400
TP1 32840
TP2 32720
TP3 32640
TP4 32530
Next key levels:
32350
32220
32100
31720 --Threshold level to
30.6k 29.7k 28.8k 27.4k and 26.5k
Comment:
If you took the sell limit yesterday and held it, we nearly hit TP1 today :)