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Dow Jones 30 Index (DJI)

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DOW CONTINUES TO FACE RESISTANCE As per previous analysis Dow had not broken cross resistance as discussed. Today last 3 hrs on 15 min TF Dow is struggling to break lower high trend and uptrend parallel line. Point to take is cover shorts above today's high. Parallel uptrend line (yellow) which had started from 2017 is a long-term uptrend path of Dow. Parallel channels are also path Iindicator of index which trade in all seasons of economy. Index trading above the Parallel is to be taken as expensive and due to sudden change in economic or fundamental activity/news. It latter need to correct. So entering long above the path is not suggested. But for safer side short should be covered. Or hedge should be taken. Trading in option is not easy job. It needs experience and expertise. Next view will be after Dow decides where to be ,above channel or below channel. Also said 0.318 and 0.500 levels are target if Dow holds resistance, that view is open till now.
TVC:DJI
by Trendz9
DOW : SHORTS WILL BE REWARDED.Previous analysis it was given to hold as Dow was on cross road of uptrend channel's and lower high trend line resistance. Yesterday after spending 30 min near resistance it gave up 200 points. Dow had respected the cross road resistance.Now from here keeping yesterdays high as SL, one can short Dow. Support could come at triangle " B " where 0.382 fibonacci level is placed @ 31100. The reason for going short with 200 points SL is 1 Any given stock / index always trade in line of support and resistance and in this process Geometrical shapes are formed. Father of stock market Mr Wilbert D Gaan have heavely relied on geometrical pattern. 2 If we see after yesterday's fall it seems Dow is on way completing triangle "B" which is 1/2 of triangle A+B. Triangle "A"being lower part and B being upper part. Lower part is complete and upper part is under construction. 3 It can be seen that after 700 point rise and 200 point fall this triangle B started looking incomplete, which will be complete at Point H. 4 but before it we have fibonacci support of 0.382 level @ 31100 and then on upward journey at 0.500 fibonacci level @31700 5 This a Analysis will be void if Dow starts trading above lower high trend line.
TVC:DJIShort
by Trendz9
Dow on cross road on weekly TF.Looking at weekly chart from 2017, Dow is was trading in a uptrend channel.Jan 2018 was first top made of channel at "A" , At " B" it made the support line. At "C" it made the second top, At " D "1st bottom was formed. At "E" Dow break out above channel in January 2021, This was period of ultra low policy, and packages for companies people's due to pendamic. Dow broke it's trend channel and was trading above this channel till May 2022. Dow gave life time high of 36700 .( The first high. )It came within the channel after May 22 and took second support at F ( we call it as support line from 2017 ). It made second lower high at Dec 22, and from red line one can see Dow had not gone above red line which we call it lower high downtrend line. Yesterday Dow rose 700 points and in 1 day I you see Dow had touch the lower high trend lin (red) and the upper end of uptrend channel at G. So right now Dow is making lower high of33762 at point G and making higher high of uptrend channel which was started from 2017. So right now Dow is at cross road at point G. Point G become resistance of down trend line and it also at resistance of uptrend channel. This simply means wait. Don't hurry in taking entry. Yesterday 700 point move is because of debth news and no fundamental change had happenedover night so Dow should rise 700 points. If fact dollar has weeken, crude out put is going to be cut. There are many headwind and tailwind. So wait and whatch how Dow is opening today, we hawe to see followup rally. Mostly after big move market consolidate.
TVC:DJI
by Trendz9
Dow: Taking support.Continueing hour earlier analysis, it is observed further that in above 15 minute time frame Dow had reversed from red downtrend line. MacD is above signal line on 15 min time frame. Given risky trader should wait for 30 min for Dow to trade below 32750. Dow had given low of 32739 on 15 min candlestick and from next 15 min candlestick has bounce back. This simply means buying is emerging at given level(32750). This is third time Dow had reversed from this level. Risky traders SL is not yet triggered and can continue with long till 32750 is not broken { Now SL is reduced to 32700 as low is 32739.) Rest long and short entry remain same till this point of time. Today's close will give us clear picture.
TVC:DJI
by Trendz9