Swing: Bullish markets primed for a minor correction soon?
Short DJI as it approaches supply zone!
With the new year, markets have been in a bullish mode as January tends to be bullish. Nonetheless, it’s good to be wary when the general public sentiment is getting too bullish, and trade what the chart is telling us. Looking at the technicals, DJI might be ripe for a minor correction soon.
When price retrace back to the supply zone area of 24560, we foresee reactions at this zone; strong sellers which previously initiated the prior downtrend will be likely to defend their positions aggressively at this region.
This region is also a strong support turned resistance area as highlighted by the blue box. There’s also open drive initiated by the strong sellers previously at this region.
Overall, in medium term view, we are still bullish, nonetheless, a healthy minor correction is required for the markets to continue its bullish trend upwards.
Our trade setup will be:
EP: 24560
SL: 25000
TP: 23988
Good luck in your trading journey!
Best Regards,
NourCapital - Tracking Smart Money Flow
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
With the new year, markets have been in a bullish mode as January tends to be bullish. Nonetheless, it’s good to be wary when the general public sentiment is getting too bullish, and trade what the chart is telling us. Looking at the technicals, DJI might be ripe for a minor correction soon.
When price retrace back to the supply zone area of 24560, we foresee reactions at this zone; strong sellers which previously initiated the prior downtrend will be likely to defend their positions aggressively at this region.
This region is also a strong support turned resistance area as highlighted by the blue box. There’s also open drive initiated by the strong sellers previously at this region.
Overall, in medium term view, we are still bullish, nonetheless, a healthy minor correction is required for the markets to continue its bullish trend upwards.
Our trade setup will be:
EP: 24560
SL: 25000
TP: 23988
Good luck in your trading journey!
Best Regards,
NourCapital - Tracking Smart Money Flow
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Trade active
EP has been triggered. Best of luck!Note
Will be looking to close @ Breakeven due to upcoming FOMC tonight
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.