DOW30 - Intraday - We look to Sell at 25500 (stop at 25650)
The rally was sold and the dip bought resulting in mild net losses yesterday. A shooting star has been posted as prices reject the higher levels. Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible. With our medium term bias looking to fade gains and the short term bias indicating buying interest we are faced with mixed signals. In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower. Further downside is expected although we prefer to sell into rallies close to the 25500 level.
Our profit targets will be 25050 and 24800
Resistance: 25545 / 25840 / 26000
Support: 25200 / 25050 / 24775
The rally was sold and the dip bought resulting in mild net losses yesterday. A shooting star has been posted as prices reject the higher levels. Although the bulls are in control, the stalling positive momentum indicates a possible turnaround is possible. With our medium term bias looking to fade gains and the short term bias indicating buying interest we are faced with mixed signals. In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower. Further downside is expected although we prefer to sell into rallies close to the 25500 level.
Our profit targets will be 25050 and 24800
Resistance: 25545 / 25840 / 26000
Support: 25200 / 25050 / 24775
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