DJI Potential for Bullish Momentum | 20th October 2022
The current overall bias for DJI is bearish, according to the H4 chart. However, given the CPI figure exceeded expectations, the short-term trend is expected to be optimistic. Looking for a buy entry retracement at 29997.62, which includes the market gap and the 23.6% Fibonacci line. Entry will be at the peak of the market gap to avoid missing out on the trade. The stop loss will be set at 28551.76, which is significantly lower than the previous low and also where the 0% Fibonacci line is located. The take profit point will be at 32170.35, the intersection of the 61.8% and 38.2% Fibonacci lines, as well as the market gap.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.