DJI Potential for Bullish Momentum | 5th October 2022
The price has retraced past the previous swing low of 29653.29 on the H4 chart.
Due to several Fibonacci lines intersecting around 31268, which provides confluence to that place for take profit, I predict price to tap there after the strong bullish advance from October 3rd 2022.
At the 29647.79 level, where there is a market gap that needs to be filled and where the 100% Fibonacci projection line is situated, there may be some opportunities for a buy entry.
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Due to several Fibonacci lines intersecting around 31268, which provides confluence to that place for take profit, I predict price to tap there after the strong bullish advance from October 3rd 2022.
At the 29647.79 level, where there is a market gap that needs to be filled and where the 100% Fibonacci projection line is situated, there may be some opportunities for a buy entry.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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