Dow Jones (DJI) has been trading within a Channel Up since the April 25 Low and right now it is consolidating straight after a direct contact and bounce on the 1D MA50 (blue trend-line).
Given that this also took place at the bottom of the Channel Up, it is a technical Higher Low formation, thus the strongest Support level possible.
With the 1D RSI also rebounding around the same level as the previous Higher Low, we expect the next technical Bullish Leg of the Channel Up to begin. The previous two rose by at least +7.00%, so the minimum Target we are looking for on the short-term is 46350.
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Given that this also took place at the bottom of the Channel Up, it is a technical Higher Low formation, thus the strongest Support level possible.
With the 1D RSI also rebounding around the same level as the previous Higher Low, we expect the next technical Bullish Leg of the Channel Up to begin. The previous two rose by at least +7.00%, so the minimum Target we are looking for on the short-term is 46350.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, 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 us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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🔥New service: next X100 crypto GEMS!
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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.