US 30 : 23000 short term range bottom test is likely
Head and shoulder formation on daily (24500-24900-24500) indicating price to test the short term range bottom 23000 in coming days ,Like most of the stock indices ,Dow is also trading inside the rectangular range 24500-23000 since the last 20 days / investors lessen exposure in stocks and the general fear in market as the corona virus caused death tolls are escalating day by day . Technically, price is consolidating near the 50% fib retracement (29500-18200 sell off) and the 50/55 exponential moving average indicating a second phase sell off and to test the March 2020 bottom one again.
Support break out /Macd golden cross will give the confirmation of the commence of next level sell off in my opinion.
We have inflation numbers , retail sales and Fed President Powell speech on the calendar for this week and Earnings reports from CISCO .
Trend : Range Bound (24500-23000)
Resistance : 24900
Supports : 23500 & 23000
Support break out /Macd golden cross will give the confirmation of the commence of next level sell off in my opinion.
We have inflation numbers , retail sales and Fed President Powell speech on the calendar for this week and Earnings reports from CISCO .
Trend : Range Bound (24500-23000)
Resistance : 24900
Supports : 23500 & 23000
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