Dow Jones to retest the sellers [Video]

Olimpiu Tuns Learn 2 Trade

The US30 is trading in the green at 37,570 at the time of writing and it seems determined to reach and retest the immediate upside obstacles before going down again. After the last sell-off, a rebound was somehow expected. The index turned to the downside as the Dollar Index looks overbought after the US JOLTS Job Openings and ISM Manufacturing Prices came in worse than expected. Later, the FOMC Meeting Minutes should bring sharp movements.

From the technical point of view, the US30 escaped from a Rising Wedge pattern signaling a sell-off. Now, it’s trapped between the upper median line (uml) and the sliding line (sl). As long as it stays within the pitchfork’s body, the rate could extend its correction. Testing and retesting the upper median line (uml) and making only false breakouts should bring a new leg down.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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