ICmarkets

DOW 30: Potential buying opportunities around 17159

FX:US30   Dow Jones Industrial Average Index
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Weekly Timeframe: The DOW recently saw a further decline in value and is at the time of writing coming very close to hitting an ignored weekly Quasimodo level seen at 17135. Let’s see what the lower timeframes offer.

Daily Timeframe: Looking on the daily chart shows us that price closed at 17362 yesterday, which is effectively a daily swap level. In our opinion, a decision clearly needs to be made here. Either the sellers have to take charge, which in turn will likely fuel fresh selling down towards the ignored weekly Quasimodo level at 17135, or the buyers jump in the driving seat and rally prices north.

4hr Timeframe: The 4hr timeframe shows that we were right in regards to the temporary support around 17500 not holding. We were however very wrong about the 4hr decision-point demand area at 17326-17381 (located around the daily swap level seen at 17362), as we placed a pending buy order (17392) just above, which as you can all see was well and truly stopped out.

With the majority of sellers now very likely consumed here, price should theoretically be free to continue south down towards a 4hr decision-point demand area coming in at 17084-17150 (located beautifully around the aforementioned ignored weekly Quasimodo level).

With all of the above taken into consideration, we've decided to allocate a pending buy order just above this 4hr decision-point demand area at 17159, with a stop set just below the zone at 17075.

Current buy/sell levels:

• Buy orders: 17159 (Predicative stop-loss orders seen at: 17075).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).


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