Dow Jones reverses from last week close at 24285!
The Dow Jones reversed sharply from its last week close at 24285 levels after opening higher yesterday. The spot closed at 24638 levels, having potential to push through 26000 levels as well. Please note that a rise above 24800 levels would be considered to be encouraging to bulls and open doors to take out strong resistance at 25500 levels going forward. Looking at the potential structure unfolding now, could be a flat (standard or running) or a triangle (into its wave c). Bottom line, prices should stay above 24100 levels going forward. It could be a safe trading strategy to consider taking profits on the shorts taken earlier and look for opportunities to sell higher again. Overall, the medium term bearish outlook remains for now.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
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