Dow Industrial along with other indices have hit key support levels. Where I expected a bounce in the short term(see related links below). I have posted a long trade in my Forex Trade Ideas section, that has been going pretty well. The price is very close to first target. Which is a the neckline for the potential double bottom pattern that's in play.
A break above the neckline will probably signal more upside and clear the way to the second targeted area around next resistance level. Which is also near the 200-days Simple moving average.
Regards, Technician
Komen
cdfernan
⋅
Great Trade! Now what are you expecting?
Technician
⋅
I am out buddy for now. I will be monitoring for a new signal.
saud5133
⋅
hi is the us30 still go up
Technician
⋅
We have just completed a breakout, second target insight. But anyway, i wouldn't be so excited about this rally!
eirik.kaasa
⋅
I think you can reach the 17150-area. Demand is still in control on the daily.
Piet.Hein
⋅
Nice trade.
ChartArt
⋅
Yes, that was also my idea yesterday. But not I switched back to being bearish, because the rally looked too extreme and Iran said they won't freeze their own oil production.
ChartArt
⋅
... but now I switched back ...
Technician
⋅
I remain skeptical for any sustained rally. I was looking for this short term bounce.