US30 l DAILY l OUTLOOK

Looking back at May 16th (LINKED IN DESCRIPTION) TA that was sent on US30 the following was stated and played out.

“We saw on Friday a nice bullish flag pattern play out. We broke our downtrend trend-line and retested the our bull flag twice clarifying added support to that area.

What we see / need to see now.

1. US30 is still not out of our bearish zone. US30 is still under 200 EMA on our 4 hr chart.
2. US30 retest our downtrend trendline and formed a nice price action support pattern (circled).
3. US30 has entered back into major zone 32050 - 32450.
4. Need to see a higher low formed or a BOS of 32450 which has been a major rejection zone.”

DAILY OUTLOOK / TAKEAWAYS:

1. US30 is still overall bearish. Retesting major levels 31250 & 30750 for the first time MARCH 2021.
2. Last time these levels were touched we reached ALL TIME HIGHS.
3. US30 is still breaking in and out of descending channel.
4. US30 bounced off of major zone 30750 and is now retesting major zone 31250.
5. NEED TO SEE A FULLY ENGULFING CANDLE TAKE OVER AND ENTER BACK INTO DESCENDING CHANNEL.
6. ENGULFING candle needs to clear BOS and retest BOS to see continued upwards bullish movement.