US30, H4
On the H4, US30 reached 61.8 Fibonacci resistance in a short-term bullish trend. Although the moving averages signal bullish solid sentiment, the RSI is already above the 70.0 mark, showing a significant overbought condition. In this case, two possible scenarios are worth considering.
- If the price breaks above the 39000 resistance and holds above it, we can expect a rise to 39500;
- A rebound from the resistance and further decline will make the target support 38300, which corresponds to 38.2 Fibonacci;
Conclusion
In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.