Dow Jones (DJIA) has been trading within a 5-week Channel Up, which is currently pulling back on a Bearish Leg following a Higher High on Monday.
All three previous Bearish Legs within this pattern, corrected by a minimum of -2.26%. As a result, given today's inability to break above the 1H MA50 (blue-trend-line), we expect Dow to target at least 49975.
Notice that an oversold (<30.00) 4H RSI has previously coincided with the April 30 and May 18 Higher Lows, hence the best buy opportunities. A break below the 4H MA200 (red trend-line) though, would quite possibly mean trend shift on the medium-term to bearish, as the Channel Up would be invalidated.
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All three previous Bearish Legs within this pattern, corrected by a minimum of -2.26%. As a result, given today's inability to break above the 1H MA50 (blue-trend-line), we expect Dow to target at least 49975.
Notice that an oversold (<30.00) 4H RSI has previously coincided with the April 30 and May 18 Higher Lows, hence the best buy opportunities. A break below the 4H MA200 (red trend-line) though, would quite possibly mean trend shift on the medium-term to bearish, as the Channel Up would be invalidated.
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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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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
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.