Technician
Long

DJIA Forming a Double Bottom?

FX:US30   Index of top 30 shares on Wall Street
1692 9 43
Dow Industrial along with other indices have hit key support levels. Where I expected a bounce in the short term(see related links below).
I have posted a long trade in my Forex Trade Ideas section, that has been going pretty well. The price is very close to first target. Which is a the neckline for the potential double bottom pattern that's in play.

A break above the neckline will probably signal more upside and clear the way to the second targeted area around next resistance level. Which is also near the 200-days Simple moving average .

Regards,
Technician
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Related Ideas

ChartArt
9 months ago
Yes, that was also my idea yesterday. But not I switched back to being bearish, because the rally looked too extreme and Iran said they won't freeze their own oil production.

China and Oil bottomed, let the February 2016 rally begin
Reply
ChartArt ChartArt
9 months ago
... but now I switched back ...
Reply
Technician TOP ChartArt
9 months ago
I remain skeptical for any sustained rally. I was looking for this short term bounce.
Reply
Piet.Hein
9 months ago
Nice trade.
Reply
eirik.kaasa PRO
9 months ago
I think you can reach the 17150-area. Demand is still in control on the daily.
Reply
Technician TOP
9 months ago
We have just completed a breakout, second target insight. But anyway, i wouldn't be so excited about this rally!
Reply
saud5133
9 months ago
hi is the us30 still go up
Reply
cdfernan
9 months ago
Great Trade! Now what are you expecting?
Reply
Technician TOP cdfernan
9 months ago
I am out buddy for now. I will be monitoring for a new signal.
Reply
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