We continue to see ugly real economic data resulted from the COVID-19 crisis. The unemployment number for April increased to 26 million and global economy experienced the collapse of business activity (Based on the latest PMI number). The expectation of GDP is trending down with record level global debt.
We failed to recognize the bull wedge pattern in our last analysis, we are now seeing the breaking of the wedge pattern, and market is testing the resistance line. We expect a higher probability of bear market taking control upcoming weeks testing 3 zones shown in the chart. Each zone shows nice support and resistance levels to set up a trade in the upcoming weeks and traders can capitalize on upcoming market volatility.
Please share your thoughts!
Let us analyze, learn, and trade!
GenXInvesting
We failed to recognize the bull wedge pattern in our last analysis, we are now seeing the breaking of the wedge pattern, and market is testing the resistance line. We expect a higher probability of bear market taking control upcoming weeks testing 3 zones shown in the chart. Each zone shows nice support and resistance levels to set up a trade in the upcoming weeks and traders can capitalize on upcoming market volatility.
Please share your thoughts!
Let us analyze, learn, and trade!
GenXInvesting