Dow Jones Index Buy with Fundamental Cannon! | 20th October 2022
Hello, good day traders!
I'm looking for a potential buy setup for DJI, with both fundamentals and technicals to back up this analysis.
Fundamentally,
the US CPI and PPI readings were better than predicted. The preliminary UoM Consumer Sentiment was also higher than anticipated.
Building permits were also higher than projected, indicating that banks are eager to lend money, signaling that the economy is improving.
On the technicals front,
1.) I'm looking for a buy entry at 29997.62 where the market gap is located.
2.) My stop loss will be 28660.94, below the previous low.
3.) My take profit will be at 32157.93, where the market gap and 61.8% golden Fibonacci line are located.
Trade Entry recommendations:
Buy Entry: 29997.62
Take Profit: 32157.93
Stop Loss: 28660.94
I'm looking for a potential buy setup for DJI, with both fundamentals and technicals to back up this analysis.
Fundamentally,
the US CPI and PPI readings were better than predicted. The preliminary UoM Consumer Sentiment was also higher than anticipated.
Building permits were also higher than projected, indicating that banks are eager to lend money, signaling that the economy is improving.
On the technicals front,
1.) I'm looking for a buy entry at 29997.62 where the market gap is located.
2.) My stop loss will be 28660.94, below the previous low.
3.) My take profit will be at 32157.93, where the market gap and 61.8% golden Fibonacci line are located.
Trade Entry recommendations:
Buy Entry: 29997.62
Take Profit: 32157.93
Stop Loss: 28660.94
Comment:
Take profit hit