Dow 30 Tanks! Short Trade Hits First Target – More Downside?

Oct 15

The Dow 30 (DJIA) has shown significant bearish momentum, with the short trade reaching Take Profit 1 (TP1) at 42855.11.

Key Levels

• Entry: 42975.00 – The short position was entered as the price broke below this level, indicating bearish sentiment.
  
• Stop-Loss (SL): 43072.00 – Placed above recent resistance to protect against a potential price reversal.
  
• Take Profit 1 (TP1): 42855.11 – The first target has already been reached, confirming the downward move.
  
• Take Profit 2 (TP2): 42661.11 – The next target as the bearish trend continues.
  
• Take Profit 3 (TP3): 42467.11 – A further target if selling pressure persists.
  
• Take Profit 4 (TP4): 42347.22 – The ultimate profit target signaling a continued decline.
  

Trend Analysis
The price has dropped below the Risological Dotted trendline, confirming the strength of the bearish trend. With TP1 already hit, further downside potential is in play, with the price likely to test TP2 and beyond.

The short trade on the Dow 30 has successfully hit its first profit target, with further targets likely if the current bearish trend holds. The strong downward move suggests that TP2 and TP3 could be reached in the near term.