DOW JONES: On an important make or break 1D MA200 testDow Jones is trading inside a Channel Down on currently red 1D technicals (RSI = 42.150, MACD = -137.170, ADX = 39.695). For the past week though it has been mostly sideways between the 1D MA50 and 1D MA200. Today the 1D MA200 held but that alone is not a buy signal.
If it crosses and closes over the 1D MA50, we will target first the R1 (TP1 = 33,650) and then the top of the long term Channel Down (TP2 = 33,900). If the price closes under the 1D MA200, sell and target the bottom of the Channel Down (TP = 32,000).
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DOW JONES Trading approach going into JuneDow Jones / DJI is trading inside a Channel Down pattern for more than a month.
The price is now under the 4hour MA50 and as long as it closes there, sell and target close to Support A at 32600.
A crossing (and candle closing) over the 4hour MA100 will be a short term buy signal targeting 33400 (top of the Channel Down).
A crossing (and candle closing) over the 4hour MA200 will be a long term buy signal targeting Resistance A at 34260.
Previous chart:
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DOW JONES Short term rise very likelyDow Jones is finding support on the 1day MA50, forming a Triangle pattern.
The same pattern during the late December 2022 consolidation, broke upwards and reached the previous High.
Up to this point, even the 1day RSI structures since the Falling Supports are very much alike.
As long as Support A holds, buy and target 34200.
If it crosses under the 1day MA200, sell and target 31700.
Previous chart:
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DOW JONES: Harmonic pattern calling for a buy. TP = 34,350.Dow Jones is on a minor 3 day pullback after a strong rebound that closed over the 1D MA50. The 1D technicals are neutral (RSI = 48.264, MACD = 86.760, ADX = 23.509) and being on a Harmonic rise since March 20th Low, the 1D MA50 rebound is most likely the bullish wave to test yet again the R1 Zone. Unless S1 breaks, we are targeting the bottom of R1 (TP = 34,350).
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DOW JONES Top of the Channel Down but will it stop there?Dow Jones reached today the top of the Channel Down pattern.
This is a rise almost proportional to July 14th-22nd (around 7%). Both crossed over the RSI Falling Resistance and at the same time the MA50 (1d).
Trading Plan:
1. Buy as long as the 1d candle close over the MA50 (1d).
2. Sell if it closes under.
Targets:
1. 34950 (Resistance 2).
2. 32600 (MA200 1d).
Tips:
1. RSI (1d) of the two rises is at the same level after the breakout. Also both started rising on the 30.00 level, giving us more the impression that they are indeed similar patterns under same market conditions.
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Notes:
This is a continuation of this trading plan:
DOW JONES above the 1D MA50 for the first time in monthDow Jones hit (and closed over) the 1D MA50 on Friday for the first time in more than a month (Feb 20th last closing over it). With 1D technicals on very healthy bullish levels (RSI = 60.420, MACD = 12.500, ADX = 35.536) this is a very positive sign on the long-term. Especially since the RSI crossed over the 4 month LH trendline.
Our TP (33,450) from our trade idea 2 weeks ago (see below) is almost hit, however short term traders need to start and consider the immediate Reistance levels that the index needs to break in order to extend the long term rally. This is firstly the 33,550 High of March 6th and secondly the top of the December Channel Down pattern. A 1D closing above each would be a bullish continuation signal that would target the next level of Resistance. Primarily we look for a closing above the Channel Down in order to target R1 (TP = 34,350). Conversly a rejection and closing under the 33,550 Resistance would target the lower Symmetrical Support (TP = 32,600).
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DOW JONES bottomed out on a 4 month Support!Dow Jones almost hit Support (2) at 32470 a level that worked out twice since November 9th 2022, starting strong rallies to 34390 (Resistance 1).
The same Declining Support on price - Rising Support on the RSI (4h) Bullish Divergence was formed on the December 20th bottom.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 33050 (MA50 (4h))
2. 33500 (MA200 (4h) and bottom of the Pivot Zone.
3. 34300 (under Resistance 1).
Tips:
1. The MA50 (1d) moves parallel with Support (2) and essentially has provided the same level of support pressure as that level. Trend changes long term if it breaks.
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