Dow Jones, Bears taking over. Can it hold next Support?
Good afternoon traders,
DJI not looking good for those who are bullish. Looking at retesting previous support; however, based off monthly timeframe, their is nothing stopping this from dropping. Weekly timeframe has several areas acting as speed bumps but it seems we may be bearish for several months to come. This is just straight up technical analysis, those he focus on fundamentals, well there isn't much good news out there either to make this shoot up.
Well, hope this helps some of you. If you disagree with my analysis, no worries, only time will tell. In the meantime, enjoy the rest of your weekend and happy trading.
DJI not looking good for those who are bullish. Looking at retesting previous support; however, based off monthly timeframe, their is nothing stopping this from dropping. Weekly timeframe has several areas acting as speed bumps but it seems we may be bearish for several months to come. This is just straight up technical analysis, those he focus on fundamentals, well there isn't much good news out there either to make this shoot up.
Well, hope this helps some of you. If you disagree with my analysis, no worries, only time will tell. In the meantime, enjoy the rest of your weekend and happy trading.
Trade active:
Expecting more move to the downside as we are potentially creating the new higher low on the weekly timeframe.
Once it gets to the new low, we have to be aware of it potentially plummeting even lower. Based off market structure we are still in an uptrend.
Hope this helps, It's Friday, have a great weekend everyone!
Once it gets to the new low, we have to be aware of it potentially plummeting even lower. Based off market structure we are still in an uptrend.
Hope this helps, It's Friday, have a great weekend everyone!