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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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.
Please like, follow and comment!!
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