US30 looks like the bullish trend will continue. Price has broken and closed above resistance with multiple candles as confirmation. If price begins to pullback and form support along the previous level of resistance, we can expect for the bullish trend to continue. Since we are currently at midday, you can anticipate for this move to happen towards the market close when more volume enters the market. If price fails to form support and begins to close back into the bearish channel, the bullish setup will no longer be valid, and this bullish move would be considered a fakeout. Waiting for volume to re-enter the market (market close) before considering another entry.
1. Price broke and closed above with consecutive candles outside of the downward channel
2. The EMAs have crossed over which indicates bullish strength
3. If price forms support and rejects the trendline, it can continue bullish to retest the high created.
1. Price broke and closed above with consecutive candles outside of the downward channel
2. The EMAs have crossed over which indicates bullish strength
3. If price forms support and rejects the trendline, it can continue bullish to retest the high created.