US BANK INDEX - 15% Countercyclical Trade?

The selloff has been fairly steep in this index as we now trading below the descending channel. We are very oversold here, so let's look for a re-entry back into the channel and see if we can hit channel resistance before we get another consolidating sell-off.

Here's the weekly snapshot:

We can see we are close to the EMA200 and will probably need to retest resistance before we break below it.

***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK

Kommentera:

Back in the channel! Very nice.

Kommentera:

OK! At resistance and consolidating now. We should not trade below 96ish.

Kommentera:

Ah!

Trade stängt manuellt:

Broken support!