ICmarkets
Long

Well done to anyone long from 17576!!!

FX:US30   Index of top 30 shares on Wall Street
107 0 4
Weekly Gain/Loss: - 53 points
Weekly closing price: 17738
Weekly opening price: 17763


Weekly view: The previous week’s trading saw the DOW range around 360 points (high/low), but only managed to close 53 points lower into the weekend. As can be seen from the chart, active bids defended support at 17606 forcing price to form a relatively clear indecision candle. Now, from this line, assuming that bids remain stable of course, we could see U.S. stocks rally higher this week back up to the resistance area drawn from 18365-18158.

Daily view: In-line with weekly structure, daily price shows that demand seen at 17396-17554 gave weight to the above said weekly support, which was hit to-the-point on Friday! On top of this, there’s also room seen to move north up to resistance coming in at 17894.

H4 view: For those who read Friday’s report (see link below), you may recall that our team placed a pending buy order at 17576 with a stop set below at 17518. The rationale behind this trade idea, other than the bullish higher- timeframe structure, was demand at 17575 bolstered by a channel support extended from the 17790 region, together with a deep 88.6% Fibonacci support band at 17557 (red circle). We cashed in 70% of our position just before the week’s close and moved the stop to breakeven. Well done to any of our readers who managed to board this rocket before it took off!

Concerning the remaining 30% of our position, we intend on holding to see if price reaches the daily resistance level we discussed above at 17894. By that time, price will be trading within shouting distance of resistance seen at 17920 (green circle) which also boasts strong confluence, so a short may be something to consider here!

http://blog.icmarkets.com/friday-6th-may-volatile-moves-expected-today-as-the-nfp-takes-center-stage/

Levels to watch/live orders:

• Buys: 17576 LIVE (Stop loss: Breakeven).
• Sells: Flat (Stop loss: N/A).
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