DOW JONES Double buy entry on the MA50 and MA200 (1d).
Dow Jones got heavily rejected on Resistance (1) and is pulling back to the MA50 (1d).
The index is trading inside a double Channel Up pattern.
The MA50 and MA200 (1d) each serve as a Support level and potential buy entry.
The pattern so far is much alike the December 20th - January 20th fractal and that dipped much lower after its rejection.
Trading Plan:
1. Buy on the MA50 (1d).
2. Sell if the (1d) candle closes under the MA50 (1d).
3. Buy on the MA200 (1d).
Targets:
1. 34530 (Resistance 1).
2. 33000 (MA200 1d and bottom of white Channel Up).
3. 34800 (under Resistance 2).
Tips:
1. The RSI (1d) is printing an identical pattern to December - January so far. This favors a rebound but from a lower level such as the MA200 (1d).
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Notes:
Past trading plan:
The index is trading inside a double Channel Up pattern.
The MA50 and MA200 (1d) each serve as a Support level and potential buy entry.
The pattern so far is much alike the December 20th - January 20th fractal and that dipped much lower after its rejection.
Trading Plan:
1. Buy on the MA50 (1d).
2. Sell if the (1d) candle closes under the MA50 (1d).
3. Buy on the MA200 (1d).
Targets:
1. 34530 (Resistance 1).
2. 33000 (MA200 1d and bottom of white Channel Up).
3. 34800 (under Resistance 2).
Tips:
1. The RSI (1d) is printing an identical pattern to December - January so far. This favors a rebound but from a lower level such as the MA200 (1d).
Please like, follow and comment!!
Notes:
Past trading plan:
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Penafian
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