Dow Ready To Dive Breakout Retest View
Updated
Hi Traders, Amit this side and i am sharing my view for Dow jones futures on weekly time frame, before moving forward i would like to say that I am not being bearish here, I am just sharing my view friends and in a bullish market corrections are always buying opportunities whatever the reason that is why I am not publishing this idea with a short tag. So as per my observations that currently price is trading in uptrend and facing a strong resistance from 42300 levels and now from last two weeks showing it's traction towards it's breakout retest area with rising selling volumes and the geopolitical conditions also seems in favor of this traction of price.
Reasons that made me think it might be going to retest its breakout
1- Reason one is that after a breakout of hazardous resistance price didn't even touched once it's breakout retest price levels on weekly time frame so my view it is pending.
2- Price is facing a strong resistance near 42300 levels and didn't even close above from several days.
3- The Geopolitical conditions are largely in favor of this happening.
4- Added Fibonacci retracement tool which is showing that it closed below 0.236% on provided time frame which is also a good support according to price and i believe that Fibonacci tools are more reliable on larger time frames.
5-Rising selling volumes and there may be many reasons why selling volumes are increasing such as profit booking after a good runup and other attractive assets available etc.
Rest i will update accordingly whenever is needed.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Reasons that made me think it might be going to retest its breakout
1- Reason one is that after a breakout of hazardous resistance price didn't even touched once it's breakout retest price levels on weekly time frame so my view it is pending.
2- Price is facing a strong resistance near 42300 levels and didn't even close above from several days.
3- The Geopolitical conditions are largely in favor of this happening.
4- Added Fibonacci retracement tool which is showing that it closed below 0.236% on provided time frame which is also a good support according to price and i believe that Fibonacci tools are more reliable on larger time frames.
5-Rising selling volumes and there may be many reasons why selling volumes are increasing such as profit booking after a good runup and other attractive assets available etc.
Rest i will update accordingly whenever is needed.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Note
Hi mates sharing an update on daily chart so as price opened slight gap up and it went good up but rejected nearby from same fib levels which was price support too and erode all the gains and now turned negative which mentioned in description so according to the theory of support and resistance now that support working as resistance. Breaking last session's low and if close below that we can see more fall toward projected retest point mates. Thanks for reading and supporting my publication.
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