Dow Jones (DJIA) has been trading within a 1.5 year Channel Up pattern since the July 2023 High. The market found itself under heavy pressure recently as the Channel unfolded its Bearish Leg which found Support right below the 1D MA200 (orange trend-line).
As the 1D RSI got oversold (<30.00) and rebounded, this is perhaps the last opportunity to buy low, before it breaks above its 1D MA50 (blue trend-line) on what is technically the new Bullish Leg.
The previous Bullish Leg (November 2023 - March 2024) hit the 2.0 Fibonacci extension on a +23.94% rise, before it broke below its 1D MA50 again. As a result, it is possible for Dow not to break again below its 1D MA50 once broken, before it reaches the 2.0 Fib which sits at 50000. Our Target is a little lower than that at 49000.
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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As the 1D RSI got oversold (<30.00) and rebounded, this is perhaps the last opportunity to buy low, before it breaks above its 1D MA50 (blue trend-line) on what is technically the new Bullish Leg.
The previous Bullish Leg (November 2023 - March 2024) hit the 2.0 Fibonacci extension on a +23.94% rise, before it broke below its 1D MA50 again. As a result, it is possible for Dow not to break again below its 1D MA50 once broken, before it reaches the 2.0 Fib which sits at 50000. Our Target is a little lower than that at 49000.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.