I have a tight stop loss set at 18600 and I'm expecting to collect profit at the next support level unless it breaks through I would re-analyze.
Just experimenting with Fib trend lines to see if there is a way to forecast where stock prices are most likely to hit support and resistance levels. It interesting to note that the 1.618 Extension level around ( 18989.75) has not been reached in the DOWI while it has in other indices like the SPX. Hence i assume that should be the next level of resistance.
Looks pretty clear to me that with falling Oil prices, and a bounce off the former upward trending support, we have a megaphone formation appearing in the price. This means that we are likely headed for a target of roughly 7000. Possibly beyond that with a negative catalyst. As a leading indicator for the DJ30, DOWI with Dow theory, this signal is extremely negative.
Here is my trading setup guys, I do expect it to move down to possibly 181 but I will sell my trade for a loss if it breaks the resistance level shown in the chart. I will update this idea when there's something to show so be sure to check that out.
There is a high probability this coming week that DJX might shoot up to 180.
From a technical perspective the USDJPY put in a bearish engulfing pattern on 7/21, which coincided with the channel trend line and major resistance area of 105.5-106.5. Now today we put in a 4 hour bearish pin bar retesting that same area. The retail crowd has also been adding to their longs recently, which now sits 59% long. Just more evidence that we're...
Several Indicators say the price is overbought. A move below upwards trending line and a move below parabolic SAR at about 18550 could hit a well placed sell stop order.
$US30 $DJIA fast approaching channel resistance
A bounce to $46.75 is taking place. Should give the market some boost.
Remember that AUDJPY SPX correlation that was so strong last year? It's completely broken down. When the AUDJPY fell in sync with the stock market that usually signified that there was a market move from risky to safe haven assets. Lately, even though the AUDJPY has fallen and stayed flat, the stock market has rebounded strongly and threatens to rise higher....
DJIA US30 short target 17230 stop above 17800
Please vote on whether you think the Brexit will happen or not: twitter.com The support as indicated above is extremely important. A break below and it's all over red rover.
Investing.com provides average year end forecast of 18050 for the DJIA based on the April poll of 25 analysts. How realistic is this target? The DJIA is currently trading at about 19x trailing earnings while the historical average of 15 is about 20% lower at around 14000 range. The market lows of last August and January of 15500 range was around 16.6 x trailing...
So after yesterday's pullback from the highs, I believe it has a long way to go yet before we see some price stability. Here are a my reasons. 1. MACD showing crossover. 2. Close below upward trending line. 3. Extremely low volatility which may lead to spike in volatility as price picks up rocks on its roll down. 5. Not oversold. 6. Price bounding off...
The weekly MACD could turn over on the Dow as early as next week. Maybe first week of June.
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