Charlieab94

Dow Jones Potential Set Ups *NO BIAS, TECHNICAL ANALYSIS*

OANDA:US30USD   US Wall St 30
My thoughts on the Dow Jones index as it stands. No fundamentals included in this analysis because unfortunately the Corona Virus and the obsessive media coverage and scaremongering is still driving the markets.

$25,000 is a good psychological support level for this Index. It has provided multiple price reactions in the past. There is also a nice bullish trendline in this zone which aligns with support.

If we can see daily bullish rejections of this zone then I seriously feel there could be a pullback and reversal on Indices. This might coincide with a change of fundamental negative views that are currently apparent.

Alternatively, a break of $25,000 could see the free-fall in price continue with the next price support zone situated over 2000 points away at $22,500.

Extra: Stocks are trading heavily discounted right now! I am using this opportunity to accumulate more positions on index tracker funds for long term potential. Remember, the aim of the game is to BUY LOW and SELL HIGH. Averaging down and keeping cash free to buy stocks that were being readily bought at $29,000 but are now trading at 14% less.

Check out my blog site for more free trading education and technical analysis https://diaryofafinancekid.com/blog/
Feb 28
Comment: AWAITING A STRONG DAILY CLOSE ABOVE THE $25,000 LEVEL FOR SPECUALTION POSITIONS TO BE ENTERED.

I will be using this current sell off to further increase holdings of index tracker funds which are now looking nicely discounted.
Mar 03
Trade active: The $25,000 level and bullish weekly trendline seem to have held strong. Price is bouncing with bullish momentum returning to the markets this week.

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