DJI 25th Aug- Price testing the reversal

DJ:DJI   Dow Jones Industrial Average Index
A very interesting end to the week with a rally in futures that continued on open, but with the second half of the day stuck at the previously mentioned level of 25800- the weekly bullish reversal.

2 ways to look at this, for the bullish case its a bounce off support and consolidation before a grind higher. For the bear case its a backtest of the 25800 level before a rejection next week.

The circled area shows the last time we came up against a weekly reversal and I highlight to show how important and stubborn these levels are. If price cannot break it, it will reverse back down to test the lower reversal which now sits at 25120. What can't go up must go down, and vice versa.

The weekly pivots are very compressed next week with price opening a whisker above the weekly and daily pivot , giving a neutral immediate bias. The fact they are so close means choppy action should dominate but when a break does finally come, it should be decisive.

My bias is still to the short side but I will flip bullish as soon as the reversal and pivots break. As I quoted last week- don't predict price, react to it.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out