DOW 30 is Bullish but at the Weekly Resistance

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

The Dow Jones Industrial Average is making a strong upside zigzag. We could see the drop before the next bounce.

Looking at the chart we can see that POC shows a strong confluence with 78.6, 88.6 and D L5. However, an ascending trend line is also holding the price around 50.0 fib at 28604. Bullish candlestick reversal pattern might push the price up without the price getting to the POC zone. Watch it! If the price continues lower, then 28330-28500 is the zone to watch for bullish reversals. Targets are 29020, 29140 and 29330.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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