DOW JONES broke above all Bear Market barriers!
The Dow Jones index (DJI) broke last week, following the impressive drop on monthly inflation, above both the Lower Highs trend-line dating back to the January 05 market high and the 1D MA300 (yellow trend-line), which was the level that rejected the previous Lower High on August 16.
We've been discussing the importance of this level as a Rejection Zone for over a month and didn't hesitate to claim that a break above the 1D MA300 would restore the long-term bullish trend:
We are not backing down from this claim. The continuous monthly drop on the CPI is lifting market hopes again for a looser monetary policy but technically, there are still some key levels to consider. The price is approaching the 34300 Resistance (1), which is essentially the August 16 High. Right now it appears that we are inside a no-trade zone (blue triangle) where any direction is possible.
A closing above the 34300 Resistance (1) would be a bullish break-out signal targeting the 35540 Resistance (2), which is practically the April 21 Lower High. On the other hand, a break below the 1D MA300 and below the former Lower Highs, should seek the 1D MA200 (orange trend-line) but more importantly the 1D MA50 (blue trend-line) as Supports, a usual buyers accumulation level during Bull Runs.
P.S. Watch the huge bullish divergence on the RSI 1W time-frame.
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We've been discussing the importance of this level as a Rejection Zone for over a month and didn't hesitate to claim that a break above the 1D MA300 would restore the long-term bullish trend:
We are not backing down from this claim. The continuous monthly drop on the CPI is lifting market hopes again for a looser monetary policy but technically, there are still some key levels to consider. The price is approaching the 34300 Resistance (1), which is essentially the August 16 High. Right now it appears that we are inside a no-trade zone (blue triangle) where any direction is possible.
A closing above the 34300 Resistance (1) would be a bullish break-out signal targeting the 35540 Resistance (2), which is practically the April 21 Lower High. On the other hand, a break below the 1D MA300 and below the former Lower Highs, should seek the 1D MA200 (orange trend-line) but more importantly the 1D MA50 (blue trend-line) as Supports, a usual buyers accumulation level during Bull Runs.
P.S. Watch the huge bullish divergence on the RSI 1W time-frame.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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👇 👇 👇 👇 👇 👇
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.