Dow Jones carved a lower top at 24400 levels ?
Dow Jones seems to have carved a meaningful top at 24400 levels earlier. At the moment it is seen to be breaking below its Elliott Channel support and trading lower around 23150. Earlier, we had marked potential reversal zone between 24000 and 25300 (fibonacci 0.618 retracement of entire drop between 29600 and 18200) levels. Since the indice is now breaking the channel and earlier support around 23300 levels, a meaningful top might be in place at 24400. Dow Jones remains good to sell on rallies through 23900 and ideally prices should stay below 25300 levels. Major resistance is seen at 27100 and protective stops should go above that.
Strategy:
Short against 27200, add further if prices reach 25300, targeting below 18000
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 27200, add further if prices reach 25300, targeting below 18000
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.