Hello good day fellow traders!
I'm looking for a potential buy๐ setup for $DJIA(.DJI)$ , with both fundamental and technical indicators to back it up.
๐ฐFundamentally,
- Dow closes 500 points higher thanks to positive earnings and high consumer confidence numbers.
- Following positive earnings reports from two bellwether companies that gave investors hope that corporate earnings might be better than expected despite a potential recession, stocks surged on Wednesday, rising for a second day.
- Sam Stovall, chief investment strategist at CFRA Research, stated that "we got a little oversold and I think the market was looking for a reason to rally, and the Nike and FedEx number provided that." "However, I really wonder if this is something that will last a long time."
๐คOn the technical front,
1.) Looking at the H4 chart, my overall bias for DJI is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a pullback buy entry at 32490.37, where the 38.2% Fibonacci line is.
2.) My stop loss is set at 31729.63, where the 50% Fibonacci line is.
3.) I intend to take profit at 34106.01, where the previous high / resistance is located.
โ
Trade Entry recommendations:
Buy Entry: 32490.37๐
Take Profit: 34106.01 ๐ฒ
Stop Loss: 31729.63โ
Other tickers to recommend:
For 5x Long Leverage: $DJIA 5xLongSG250911(CUJW.SI)$
For 5x Short Leverage: $DJIA 5xShortSG250911(CVFW.SI)$
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