DOW JONES on the 4H MA50 on the Channel Up

Dow Jones touched the 4H MA50 and bottom of Channel Up 2 that is dominating June's price action. Naturally, the 1D technicals are bullish (RSI = 63.354, MACD = 250.370, ADX = 14.024) and the 4H ones marginally neutral, which indicates a short term buy opportunity.

With the 4H STOCH RSI making a Bullish Cross inside the oversold zone, that is technically a buy signal at least on the short term. The next technical Resistance is R2 and that's our target (TP = 34,950), which is also the Top of December 13th 2022.

If the candle closes under the 4H MA50 though, which would also mean crossing under Channel Up 2, we will short targeting the 4H MA200 (TP = 33,500).

Prior idea:


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