New Dow Jones Contract … DJI_ 5Z
16270
Market is confusing and asking one clear question ?
Is DOW is trading out of the pattern ( Breakout-out has occurred ) or still within the pattern ?This is tricky questions and considered the million dollar question , however , I would give you the scenarios .
The price reach towards the 16,060 area to go going forward to break 16000 level. But the price need to return below 16200 again. We have no interest whatsoever in buying at the moment, short-term selling opportunities abound.
From Technical point of view , I do see the market has broken and retested that pattern and the downward pressure is the highly probable scenario, however , this is under one condition which is that the Dow Jones is traded below 16200s , Then we will wait a support test @ 16000s ,15500s respectively.
Finally, the lower probable scenario the market to be higher than the pivotal point which we mentioned and to be toward 17200s and 17500s levels !
| Support | Resistence | |
| Level 1 | 16250 | 16800 |
| Level 2 | 15850 | 17250 |
| Level 3 | 15300 | 17500 |
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