This chart is very clear but a few explanation can do with it and no harm will be done.
DJI bounced on the uptrend line from the mid March 2020 and also from historic resistance at 25300. To me this was a healthy pullback and an anticipated one.
From the Technical Analyst point of view below are my thought:
- The price is below the 200MA not very bullish
- price below LSMA and LSMA pointing downwards not a good signal for bulls
- daily PSAR is in downtrend which is not bullish yet
- RSI is neutral
- Trend line tested 3 times
And from the old saying, the more a trend line is tested the higher chance it can be broken.
But, but but bears cant start dancing in their fluffy costumes before the upwards trend line is broken and probably the 0.618 fib is broken imho.
For bulls it is time to keep an eye on their positions and probably start thinking of stop loss to avoid any surprise if the market changes the direction.
I will keep you updated with any change on this index and many other stocks as the days go by.
Have profitable trades and do not forget to smash the likes.
DJI bounced on the uptrend line from the mid March 2020 and also from historic resistance at 25300. To me this was a healthy pullback and an anticipated one.
From the Technical Analyst point of view below are my thought:
- The price is below the 200MA not very bullish
- price below LSMA and LSMA pointing downwards not a good signal for bulls
- daily PSAR is in downtrend which is not bullish yet
- RSI is neutral
- Trend line tested 3 times
And from the old saying, the more a trend line is tested the higher chance it can be broken.
But, but but bears cant start dancing in their fluffy costumes before the upwards trend line is broken and probably the 0.618 fib is broken imho.
For bulls it is time to keep an eye on their positions and probably start thinking of stop loss to avoid any surprise if the market changes the direction.
I will keep you updated with any change on this index and many other stocks as the days go by.
Have profitable trades and do not forget to smash the likes.
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.
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.