DOW - BULLISH ABOVE 25K | CLOSE BELOW 25K CAN CAUSE FURTHER DROP
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DOW got a bounce from the confluence are of support which is the 25,000 - 25,240 region and as long as that area holds as support we can expect further upside move.
If DOW starts to move down again and retests it, then there is a high likelihood that the area of support would break as it would be the 4th retest of the region (and areas of support resistance become weaker with subsequent retests).
If we go below the region and hold below it then 0.5 fib level (24K) would act as next support but it that region also breaks as support, then we can expect a bigger drop coming then.
Global markets like these influence other markets and having a pulse of these can help with trading other markets so keep track of them.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
DOW - 54 (neutral zone)
“Do more of what works and less of what doesn’t.” - Steve Clark
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
DOW got a bounce from the confluence are of support which is the 25,000 - 25,240 region and as long as that area holds as support we can expect further upside move.
If DOW starts to move down again and retests it, then there is a high likelihood that the area of support would break as it would be the 4th retest of the region (and areas of support resistance become weaker with subsequent retests).
If we go below the region and hold below it then 0.5 fib level (24K) would act as next support but it that region also breaks as support, then we can expect a bigger drop coming then.
Global markets like these influence other markets and having a pulse of these can help with trading other markets so keep track of them.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
DAILY RSI
DOW - 54 (neutral zone)
“Do more of what works and less of what doesn’t.” - Steve Clark
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.