Dow Jones Index to continue for another bad week? πŸ“‰

The Olympus Academy
2022-12-12

Hello good day fellow traders!

I'm looking for a potential sellπŸ“‰ setup for $DJIA(DJIA)$ , with both fundamental and technical indicators to back it up.

πŸ“°Fundamentally,

  • The Dow drops 300 points. the worst week since September as of Friday
  • Following November's producer price index, which increased 0.3% last month and 7.4% over the previous year, wholesale prices on Friday increased more than anticipated. The Core PPI, which does not include food or energy, exceeded expectations as well.
  • The busy economic calendar for this week continues to be the center of attention.


πŸ€”On the technical front,

1.) Looking at the H4 chart, despite the fact that price is in a bullish uptrend, I'm looking to play the pullback with a sell entry. Price has already tapped into my pullback sell entry at 34106.01, where the previous high is.

2.) I have re-adjusted my stop loss set at 35492.22, where the previous swing high is, to 34595.51, where the most recent high is.

3.) I intend to take profit at 32135.41, where the 61.8% Fibonacci line is located.

β€Œ

Trade Entry recommendations:

Sell Entry: 34106.01πŸ“‰

Take Profit: 32135.41 πŸ’²

Stop Loss: 35492.22❌

β€Œ

Other tickers to recommend:

For 5x Long Leverage: $DJIA 5xLongSG250911(CUJW.SI)$ 

For 5x Short Leverage: $DJIA 5xShortSG250911(CVFW.SI)$ 

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Comments

  • MatthewWalter
    2022-12-12
    MatthewWalter
    But failure at 33300 would be negative as it would break the neckline of a head and sholders pattern. Support 32450.
  • EmilyMark
    2022-12-12
    EmilyMark
    It's quite possible that the market peaked and will not recover during our lifetimes.
  • KittyBruno
    2022-12-12
    KittyBruno
    This world is truly messed up. There is no doubt the anti-Christ is here somewhere.
  • CYberviRus
    2022-12-13
    CYberviRus
    Thank you
  • Michelle Ong
    2022-12-12
    Michelle Ong
    Like back thanks
  • ElvisLHS
    2022-12-12
    ElvisLHS
    ok
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