Long
US30 LONG Swing Trade Idea
My analysis for US30 being bullish in the next couple of weeks involves a confluence of many technical indicators:
1. Supply zone: this is an important zone for big money to accumulate money inside of the Dow Jones, it is comprised of previous resistances and supports
2. 200MA rejection: We are showing a rejection of the 200 Moving average, an important indicator of the US30 in particular
3. Trendline Rejection: We are rejecting off a major bullish trendline
4. Hidden Bullish RSI Divergence: there is a bullish RSI divergence forming on the daily timeframe
5. Gartley and AB = CD Harmonic Pattern Formed: 4h timeframe
6. Important Fibonacci Level: Sitting inside of an important fibonacci level, the 0.618 -- 0.5 level
I would be careful about seeing a rejection and retest of these major indicators, a retest from these same levels could indicate a reversal, in that case a SHORT swing trade would be interesting. I would like to advise also that this does not follow up on fundamental factors. While this past bearish wave may have been caused by very current geopolitical issues, this trade is based purely on technical indicators applied to a supply and demand strategy.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.