Dow Jones Making a Turn?
The Dow Jones has been climbing for the past month since it tumbled to the lowest amid COVID-19.
In the process of recovery, it formed a rising wedge which was seen thoroughly broken below last week.
This week, the price pulled back from the fall but found itself resisted at the 618 retracement level.
The price then fell and broke below a minor rising trendline which was formed during the pullback earlier.
Besides, the 2 faster MA are both currently trading below the 200MA.
Traders can wait for the price to retrace further and look to sell at the 50% retracement level of the earlier bearish trend.
In the process of recovery, it formed a rising wedge which was seen thoroughly broken below last week.
This week, the price pulled back from the fall but found itself resisted at the 618 retracement level.
The price then fell and broke below a minor rising trendline which was formed during the pullback earlier.
Besides, the 2 faster MA are both currently trading below the 200MA.
Traders can wait for the price to retrace further and look to sell at the 50% retracement level of the earlier bearish trend.
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