In continuation uation to yesterdays analysis, from todays candle stick formation we observe
1 Dow is trading below new emerging uptrend line (green).
2. Dow is trading near red downtrend line which is now support line.
3. Till Dow is not trading below red line we cannot conclude false breakout.
4. Till now low of 24 and 26th May is not given up (32750), which is our SL.
5. MacD is in sale zone , if it continue to go below today's level then there is problem. Dow may not hold support.
6. Dow is again at 0.500 Fibonacci retracement level.
Yesterday given, risk trader could go long with SL 32750. Dow is near 32750. If for 30 min it doesn't recover and remain below 32750 then this k SL is triggered.
Conclusion
WAIT AND WATCH TILL 32750 AND 33100 levels.
Trade confirmation sell below shooting star pattern. Long above 33200
1 Dow is trading below new emerging uptrend line (green).
2. Dow is trading near red downtrend line which is now support line.
3. Till Dow is not trading below red line we cannot conclude false breakout.
4. Till now low of 24 and 26th May is not given up (32750), which is our SL.
5. MacD is in sale zone , if it continue to go below today's level then there is problem. Dow may not hold support.
6. Dow is again at 0.500 Fibonacci retracement level.
Yesterday given, risk trader could go long with SL 32750. Dow is near 32750. If for 30 min it doesn't recover and remain below 32750 then this k SL is triggered.
Conclusion
WAIT AND WATCH TILL 32750 AND 33100 levels.
Trade confirmation sell below shooting star pattern. Long above 33200
