ICmarkets

DOW 30: Technical outlook and review.

FX:US30   Index of top 30 shares on Wall Street
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Weekly Timeframe: The DOW has been trading beautifully within a nice-looking trending channel for over five years, and shows no signs of slowing down just yet. The recently closed weekly candle shows that the buyers once again remained in control. However, at this point in time, selling interest is currently being seen from 17972.

Daily Timeframe: The daily timeframe shows that the selling activity seen on the weekly timeframe has forced the market back down to around a minor daily swap level coming in at 17841. Assuming that the sellers keep up with this enthusiasm, we could possibly see price test a small daily demand area seen below at 17717-17767.

1hr Timeframe: It was mentioned in the previous analysis that we were looking for buy trades in between 17925/17895. We unfortunately missed our entry at a glaringly-obvious 5 minute Quasimodo support level around 17901 which was good for a scalp trade. From there the DOW traded up to a 1hr supply area at 17961-17951, where at which point an aggressive sell off was seen down into a 1hr demand area coming in at 17785-17814 (seen just below the 17841 daily swap level).

Assuming that the buyers can break above the 1hr decision-point supply area seen at 17907-17884, we could potentially have a buying opportunity at 17830, just above 15-minute demand area seen at 17802-17828 (as per the red arrows) targeting 17948. Just below the aforementioned 1hr supply area.

Buy/sell levels:

• Buy orders: 17830 (Predicative stop-loss orders seen at: 17800).

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


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