Good morning traders, i have given a marked and detailed breakdown on the Dow Jones, I currently am waiting for the new support or demand level to be formed to support my buy analysis and then i will have a look at the smaller time frames for entry. we need a clear rejection from the demand zone to take this trade.
WE SPOTTED AN OPPORTUNITY ON DOW JONES AFTER NOTICING AN EXPANDING TOP WEDGE FORMATION
DOW AND ALL INDICIES ARE WAY OVERBOUGHT!
OUR VIEW ARE BEARISH TO CLOSE OUT THE WEEK.
THE TRADING REGIME!
Dowjones started a uptrend in April 2020
Dowjones broke this uptrend in start of Sep 2020
However price found support on the blue trend line
and now price is stuck inside a tringle wait for breakout in any direction for clear path
Daily candle close is very important watch for that around the tringle
watch for RSI divergence reaction
dowjones price action seems very tricky right now to trade better to monitor price action for clear path
watch key notes in chart and price action in lower time frame for clear trade
any question feel free to ask :)
as shown in the chart we have a break out in 1 hour time frame
Wait for retest of the broken trend line or for confirmation in lower time frame
good luck everyone and any question feel free to ask :)
📍 Dow jones industrial average is comprises of 30 TECH stocks. US30 is traded 2020 yearly high around 29600 which is also a February high. After the long upward rally from 2016 until 2020 February it has moved up gradually. And there is no major drop one like happened in 2008 financial collapse
📍 Due the COVID-19 breakout in the USA the economic is came to...