Dow Jones (US30) - Incoming ATH
Fundamental overview:
On Wednesday, traders got a stronger than expected update on the labor market in ADP's June private payrolls report. This underscored the ongoing economic recovery with a sixth straight monthly increase in employment, with jobs rising by 692,000 versus the 600,000 expected.
Technical overview:
DJI looks like it finished a corrective pattern, as you can see in the orange channel, followed by a strong bullish impulse that seems to gather momentum. As the price action for the last bullish wave had a very impulsive nature, we expect it to come close to the support level before it will reach a new all-time high.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
On Wednesday, traders got a stronger than expected update on the labor market in ADP's June private payrolls report. This underscored the ongoing economic recovery with a sixth straight monthly increase in employment, with jobs rising by 692,000 versus the 600,000 expected.
Technical overview:
DJI looks like it finished a corrective pattern, as you can see in the orange channel, followed by a strong bullish impulse that seems to gather momentum. As the price action for the last bullish wave had a very impulsive nature, we expect it to come close to the support level before it will reach a new all-time high.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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