Buying UUP dip @ RSI <30 on weekly candles
With all the bearish sentiment surrounding the dollar index, I'm looking to be a buyer. We have a lower trendline @ 24.50 area, and the weekly RSI 14 is at 31.51.
In the past 14 years, every RSI level below 30 has resulted in a swing gain of 9%-25%, even if it didnt capture the bottom. Cost averaging improves the accuracy of the dip buying.
Lots of support at the 9 year fibonacci from the April 2011 low (ignoring the blowoff top from pre-covid bailout), 24.05 is a strong support level followed by the golden fib @ 23.30. 13 Year anchored VWAP coincides with the 61.8% fib as well, indicating a strong support level that dip buyers will target.
12% upside from the lower trendline to the upper trendline, at least 6% if a 50% retrace of the decline is in play. Long term trade.
In the past 14 years, every RSI level below 30 has resulted in a swing gain of 9%-25%, even if it didnt capture the bottom. Cost averaging improves the accuracy of the dip buying.
Lots of support at the 9 year fibonacci from the April 2011 low (ignoring the blowoff top from pre-covid bailout), 24.05 is a strong support level followed by the golden fib @ 23.30. 13 Year anchored VWAP coincides with the 61.8% fib as well, indicating a strong support level that dip buyers will target.
12% upside from the lower trendline to the upper trendline, at least 6% if a 50% retrace of the decline is in play. Long term trade.