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Dow Jones resistance is intact around 29600 mark

Dow Jones resistance is intact around 29600 mark

Dow Jones had rallied through 28400 levels yesterday before finding resistance and reversed sharply thereafter. The indice has managed to produce an engulfing bearish candlestick pattern on the 4H chart displayed, indicating a potential reversal ahead. Immediate support is around 27500 and a break lower would confirm a bearish reversal. Unlike SPX500 and NASDAQ, the Dow Jones has held below its 29600 resistance, which is also considered to be a bearish divergence. Good to sell on rallies from here.

Remain short, stop @ 29600, target is open.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.

from Trading Ideas
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