PROBABLE GOOD SHORT ENTRY IF RESISTANCE BROKEN - US30- DOW JONES
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The market has moved down a bit to bounce on the historical support uptrend line.
Bigger candlesticks have shown pressure to move downward. The market have found enough strength to return to its narrow previous range (before the break).
This ranging movement is not a real one, it is actually the market moving around historical level which has been a very important pivot point.
Therefore, beware of a sudden change in market profile.
Lastly but not the least, the top dotted historical support is very important because close to the TOPS of this market lately (30 April). There is strong probability if the market goes around that resistance line to benefit of a nice short profitable entry point.
If market breaks the top resistance, stay out of the market to analyse again, this will announce a big change. It is the least probable scenario at the moment but lets keep it in mind.
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The market has moved down a bit to bounce on the historical support uptrend line.
Bigger candlesticks have shown pressure to move downward. The market have found enough strength to return to its narrow previous range (before the break).
This ranging movement is not a real one, it is actually the market moving around historical level which has been a very important pivot point.
Therefore, beware of a sudden change in market profile.
Lastly but not the least, the top dotted historical support is very important because close to the TOPS of this market lately (30 April). There is strong probability if the market goes around that resistance line to benefit of a nice short profitable entry point.
If market breaks the top resistance, stay out of the market to analyse again, this will announce a big change. It is the least probable scenario at the moment but lets keep it in mind.