Since mid-Feb, Dow Jones Transport ($TRAN) has not been confirming the bullish move.
It has move lower and 2 signals has been sighted since:
1. A bearish cross between Tenkan sen and Kijun sen
2. The leading kumo has twisted; suggesting that the trend has change.
On the Daily Chart, $TRAN (Dow Jones Transport) seems to have break above the resistance level. However, the break is not convincing and this is reflected in the last 3-4 candles.
On the Ichimoku Weekly Chart, the resistance level ahead is clearer.
Currently, we can see that the price level is hitting against a resistance level from the Chikou Span.
More importantly, we can also see that the kumo resistance is ahead at around 5250. The leading kumo has not twist and confirmation of bullish outlook is not confirmed.
Will we see $TRAN head higher in the weeks ahead? Yes, there is a chance. Option expiration is less than 2 weeks ahead. However, at this moment, there is chance that $TRAN may turn when it hit Feb.
A double top seems to be forming on Delta Air’s chart.
At this moment, we do not have confirmation from the Ichimoku indicators.