Very Uppity US 30 Gets Support from S&R Zone

12 giu

Price Action Analysis: Daily Timeframe
Market Bias - Bullish Market Bias

1. After the Morning Star formed atop of the Support & Resistance Zone, price action rallied from it, then went into immediate, tight consolidation.

2. An Inside Day indicated a pause to contain the consolidation within its high at 38,818 and low at 38,214. Breakout is from one of these ends.

3. A Shooting Star showed up at the high level of the Inside Day for price action to drop with a Hammer, and through consolidation, to form a new S&R Zone and another Inside Day.

Prediction: Price action is likely to rise from the S&R Zone to break out of the Inside Day's high at 39,114 and head towards the Swing High of 40,054. A W-Shaped pattern is forming.