Subject: After yesterday's growth of Dow Jones, today we realized that it has hit the resistance area of 34,700
This area is very important for the following reasons
1 - is the round number
2 - As you can see in the picture, this number is located on the ceiling of the Fibo channel
3 - In the past, the price has reacted to this area many times
As a result, since we did not have any reform in this Saudi move, we expect to return to one of the support areas.
Our point is to return to the 34400 price range, but why?
1 - Because the price in the previous encounter to this area made a knot
2 - In this area there are orders left
3 - This area is at the level of 0.618 of our movement and is an important price area.
4 - This point is at the intersection of our trend line with the level of 0.6118
5 - This point is at the level of 0.236 of our Fibonacci channels
Using all these hypotheses, we can expect a corrective move to this area
Please write your opinion about the analysis
This area is very important for the following reasons
1 - is the round number
2 - As you can see in the picture, this number is located on the ceiling of the Fibo channel
3 - In the past, the price has reacted to this area many times
As a result, since we did not have any reform in this Saudi move, we expect to return to one of the support areas.
Our point is to return to the 34400 price range, but why?
1 - Because the price in the previous encounter to this area made a knot
2 - In this area there are orders left
3 - This area is at the level of 0.618 of our movement and is an important price area.
4 - This point is at the intersection of our trend line with the level of 0.6118
5 - This point is at the level of 0.236 of our Fibonacci channels
Using all these hypotheses, we can expect a corrective move to this area
Please write your opinion about the analysis