Interesting P.A seen on the DOW...

FX:US30   Dow Jones Industrial Average Index
165 0
Weekly gain/loss: + 187 points
Weekly closing price: 20990

The US equity market continued to climb north last week, registering its fourth consecutive weekly gain! With equities now trading at record highs, where do we go from here? Well, given that there is absolutely no weekly resistance levels in sight, the best we can do for the time being is continue looking to ‘buy the dips’. The closest higher-timeframe area can be seen at 20714-20821: a daily demand zone .

Stepping across to the H4 candles, we can see that Friday’s action was fairly lackluster despite the Fed Chair Janet Yellen voicing intentions to hike rates in March. As is evident from the chart, the index closed the week below the 21000 mark, which could call for a continuation move south down to the H4 demand base drawn from 20837-20869.

Our suggestions: In light of the above points, we still have absolutely no intention of looking to short this unit.
We would rather look to buy from the above noted H4 demand, or even the H4 demand seen below it at 20769-20801, which happens to be positioned within the walls of the aforementioned daily demand zone! The interesting thing here is that in between these two H4 barriers (the yellow zone) is March’s opening level at 20824 and a possible H4 AB=CD completion point at 20813 (see black arrows). To that end, should we see price strike the yellow zone today/this week, our team would, assuming that a reasonably sized H4 bull candle took shape, look to buy from here with stops either placed below the trigger candle or below the H4 demand at 20769-20801.

Data points to consider: FOMC member Kashkari speaks at 8pm GMT .

Levels to watch/live orders:

• Buys: 20801/20837 region (wait for a reasonably sized H4 bull candle to form before looking to pull trigger here, stop loss: ideally beyond the trigger candle).
• Sells: Flat (stop loss: N/A).

Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out