Trade Conviction: Medium
The U.S markets have been the focus of much debate over the last couple of days as market analysts contemplate if the markets will go higher or not. We have seen Amazon crossed the $ 1 trillion mark, the Dollar strengthening as the FED rate hikes come back in focus and the selloff in the Emerging markets are all factors to consider.
In this note you will find the chart and technicals:
My short-term sentiment is (Medium) in that we might see the price action move lower on Wall Street 30 as seen in the chart below. We can see the price action test the 25838 level over the last couple of weeks and if we see this level break the price can move to a low of 25675.
Chart Source: MetaTrader 5
My longer-term view at this stage is that looking at the chart below we can see a bull flag forming and if the technical pattern playout we might see the price move higher. Keep a close eye on the trade war developments as well as the Jobs numbers on Friday. I am looking to buy as soon as the price closes above the 26000-price level.
Trade: Wall Street 30
- Entry (Buy): 26000 preferably a close above.
- Stop loss: 25839
- Target price: 26189
Chart Source: Bloomberg
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