Dow Jones (DJIA) has been trading within a Channel Up since the September 2022 market bottom. Throughout this long-term structure, Cup and Handle (C&H) patterns have emerged that were always contained above the 1D MA200 (orange trend-line) and subsequently initiated a rebound to at least the 1.382 Fibonacci extension before the next pull-back.
The 1D MA200 is right below us at the moment and the current C&H seems to be on the verge of completing its Handle. Moreover, the 1D RSI is on its usual Higher Lows trend-line that prompts to a the most optimal buy entry. We're bullish, targeting 46400 (the 1.382 Fibonacci extension).
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The 1D MA200 is right below us at the moment and the current C&H seems to be on the verge of completing its Handle. Moreover, the 1D RSI is on its usual Higher Lows trend-line that prompts to a the most optimal buy entry. We're bullish, targeting 46400 (the 1.382 Fibonacci extension).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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🤵Contact [email protected] t.me/tradingshot
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Disclaimer
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