$TRAN . Weekly Kumo Resistance

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.

Trading Ichimoku Trend Table : June 2

Here’s my reading of the various indices based on Ichimoku

Trend DOW Jones (DJIA) S&P 500 (SPX) NASDAQ (COMPQ) Russell 2000 (RUT)
Long Term (Kumo) Down Down Down Down
Intermediate (Kijun Sen) Down Down Down Down
Short Term (Tenkan Sen) Up Up Up Up

Notes:

1. If price level is above kumo, it is considered UP or bullish and vice versa.

2. If price level is above Kijun sen (the trend line), it is considered UP or bullish and vice versa

3. If price level is above Tenkan sen, it is considered UP or bullish and vice versa.