15 Sep DOW / INDU Day Trading Analysis
Just a few thoughts on DOW which I’ve been day trading today…..
Please note that these are just thoughts and not outright predictions. Chart shown is 24 hours, i.e, not Cash.
I’m currently long DOW and have a target of 11,466 but limit order presently set for 11,460. Price is so close now I may just close tomight when futures re-open.
4 hourly charts all got rejected by 200MA’s twice. The 3rd attempt in a space of 2 weeks occurred today and price broke above.
As I’ve previously mentioned, we are still trading a large range, and there will be some chop ahead, but if you are aggressive you could try swing longs now….but that’s definitely not my cup of tea. The safer entry would be a break above 11,720 ish gives a pretty strong signal that we’ll see 11,920.
Todays price broke through 2 major converging fib levels, so if a rally can gain traction (and it hasn’t yet as we are still technically inside a range), then we could see a potential move to 11,920 area shown as the 61.8% fib in the chart.
The upper trend-line in the chart is a projection and not proven as a resisting trend line just yet, but I suspect it may possibly be the beginning of a new channel though there are other possibilities.
Ultimately I still believe the lows will be revisited and probably broken, but for now, I’m not seeing what I’d like to see in order to trade that idea.