CURRENCYCOM:US30
On the last week of February 2020, We experienced the worst collapse of Dow Jones Industrial Index due to the immense outbreak of Covid19. Where are we standing now? A Doji is formed on the very last hour after market close. While we can say it's an end of the week short covering let's analyse if we can make a trade decision!!!
Bull pointers
1. Doji is formed at the 25200+ support zone
2. This is a Long tailed DOJI
3. Stochastic at Oversold region!
4. Market is overcorrected and panic move is over 12% correction, Good chance for a rebounce!
Bear Pointers
1. Despite overcorrection, bear is not in reprieve, no green candles yet!!
2. Most news still talks about more correction and the impact of Covid-19 on the economy is still not estimated!
Conclusion...
Let's wait for a positive move on Monday to decide!!!!
On the last week of February 2020, We experienced the worst collapse of Dow Jones Industrial Index due to the immense outbreak of Covid19. Where are we standing now? A Doji is formed on the very last hour after market close. While we can say it's an end of the week short covering let's analyse if we can make a trade decision!!!
Bull pointers
1. Doji is formed at the 25200+ support zone
2. This is a Long tailed DOJI
3. Stochastic at Oversold region!
4. Market is overcorrected and panic move is over 12% correction, Good chance for a rebounce!
Bear Pointers
1. Despite overcorrection, bear is not in reprieve, no green candles yet!!
2. Most news still talks about more correction and the impact of Covid-19 on the economy is still not estimated!
Conclusion...
Let's wait for a positive move on Monday to decide!!!!