As we are noticing talks about inflation, rise in dollar etsc.
if we see Dow jones charts observations be like:
from past many maonths is making a Lower highs lower lows BUT now the pattern's changing.
Positives
1. 200 MA support : On the weekly charts, it has got support around 29400 levels of 200 MA.
2. RSI divergence : the biggest reflection we are seeing, we can see little bit of RSI now moving otherways as price is tranding towards.
3. if it jump from these lows, we may see LH - LL pattern being distorted ( its very early to say this, but major positive observation)
4. if these levels are breached 26100 is biggest support which definitely will not be affected.
5. looks much oversold
negative
1. Lower lows
2. volume above average.
3. MACD crossover in negative direction.
but as per my observation, if it sustain 29100 - 29200 levels, dow is ready to move in an upside direction. from now onwards can start investing, market shall reward handsomely.
disclaimer: views are personal, please take your advisers advise before taking position.
if we see Dow jones charts observations be like:
from past many maonths is making a Lower highs lower lows BUT now the pattern's changing.
Positives
1. 200 MA support : On the weekly charts, it has got support around 29400 levels of 200 MA.
2. RSI divergence : the biggest reflection we are seeing, we can see little bit of RSI now moving otherways as price is tranding towards.
3. if it jump from these lows, we may see LH - LL pattern being distorted ( its very early to say this, but major positive observation)
4. if these levels are breached 26100 is biggest support which definitely will not be affected.
5. looks much oversold
negative
1. Lower lows
2. volume above average.
3. MACD crossover in negative direction.
but as per my observation, if it sustain 29100 - 29200 levels, dow is ready to move in an upside direction. from now onwards can start investing, market shall reward handsomely.
disclaimer: views are personal, please take your advisers advise before taking position.