30 Jan DOW Intraday Channel Watch – 30th January 2012
Just a quick chart for the Day Traders amongst you to keep an eye on.
I currently have a day trade long position open in DOW and this chart shows both my initial upside target but more importantly a level that may warrant looking for short entries if resistance is comfirmed.
Not shown on the chart is the Fibonacci levels, so to confirm, this channel back test would combine with the 38.2% fib retrace from last Weeks high to today’s low. The 38.2% fib retrace is not often known for being a powerful resistance level so we may see an over-shoot to the 50%.