Index forecast / US30 / Our expectations
Middle-term descending trend, lower tops. The price reached the diagonal resistance of the downward movement and did not managed to close above it. Fake breakout of FiBo 61.8 and SMA 50 afterwards the price pullbacks below the level - strong negative signal. Price action signal: Pin bar at levels of diagonal resistance, FiBo 61.8 and SMA 50. Technical indicator: CCI(50) - unsuccessful break of level 0 - the negative sentiment remains.
Alternative scenario: If the price breaks above the top of the pin bat and break out from the descending channel, the negative scenario will be dismissed.
SL: 25500
Trader Bozhidar Arabadzhiev
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