DJIA has made an intraday high of 17161.55 but one of the components UTX is a wayward child.
The UTX uptrend channel ended with 3 times rejection of price @ around 120. Subsequently, the price commenced its downward movement (shown in current red channel) and retraced to the 109 mark, again multiple rejection at 109. For next few days to next week, if bull doesn't help to break the resistance forcefully, i foresee more downside to come.
I shorted at 109 with stop loss of 110.5.
The UTX uptrend channel ended with 3 times rejection of price @ around 120. Subsequently, the price commenced its downward movement (shown in current red channel) and retraced to the 109 mark, again multiple rejection at 109. For next few days to next week, if bull doesn't help to break the resistance forcefully, i foresee more downside to come.
I shorted at 109 with stop loss of 110.5.