US30 Analysis 01-31-22 Scalp Trade
Last week price closed at a strong level of resistance. In my video from Saturday, I spoke about the current fundamental situation and how the market will need a catalyst to continue to drive price either bullish or bearish. I mentioned how price can begin to reject during the Asian & London Session (market close) to build momentum for the NYSE open. Price has currently done this, and it looks like price is getting ready to make a bullish move.
Even though this is what it currently looks like, this doesn’t mean it will necessarily happen just yet. Wait for market open to see how price will react. Price could continue bearish before making a rally, because all the news reports start tomorrow and keep in mind that today is Monday, and the market is setting up for the week.
1.Price has formed a high after the close of last week.
2. Looks like price has found some support after retesting the level that was broken on Friday, and the 50 & 200 EMA is reinforcing the bullish momentum
3. A break and close above 34625 could be a good entry for a retest of the highs created on Friday or even for an opportunity to create a new higher high.
4. If price fails to break and close above, there is a chance that resistance can be formed, and price can continue going bearish if price breaks 34400
Even though this is what it currently looks like, this doesn’t mean it will necessarily happen just yet. Wait for market open to see how price will react. Price could continue bearish before making a rally, because all the news reports start tomorrow and keep in mind that today is Monday, and the market is setting up for the week.
1.Price has formed a high after the close of last week.
2. Looks like price has found some support after retesting the level that was broken on Friday, and the 50 & 200 EMA is reinforcing the bullish momentum
3. A break and close above 34625 could be a good entry for a retest of the highs created on Friday or even for an opportunity to create a new higher high.
4. If price fails to break and close above, there is a chance that resistance can be formed, and price can continue going bearish if price breaks 34400
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