The DOW this week 25/03 -29/03

ChartMan

Legendary member
5,580 46
More of the same . The downtrend continues unabated.Next stop down is 266 then 144 from the EOD charts. No clues yet as to where the intraday bottom may be...Interesting how all the "Bull " triangles are failing....but there is pos divergence showing on Phase and RSI, so maybe all is not lost ...:)
 

Attachments

ChartMan

Legendary member
5,580 46
The day started off well enough,trading strongly up to 430, unfortunately, that's where it stopped being good- the H&S top confirming the slide back to doom....The Bear Flag that followed duly performed, finding support at the target of 348 before finally slipping to314.This seemed to be the turning point, certainly showing pos. divergence from the previous low at 280.From there we had a gradual rise, forming a nice uptrending channel with a channel breakout to the upside just before close, ending at 353, 9 above the 100MA.( 1 min chart). There has been a clear RS switch and Phase has strong Pos. Divergence, suggesting the end of the down trend is near.....
100 MA 10,385. Support: 10,316,300,280. Resistance: 10,364,380,400,432,485,528..
 

Attachments

ChartMan

Legendary member
5,580 46
The end of the downtrend was nearer than I thought :) A quick drop at the open to 340 and we were away, with a ragged rise to 450 with no real clues as to a target for the rise.However the top was a giveaway with Neg Divergence,as was the bottom test at 394 with positive divergence.That was followed by dithering around the 100MA catching a few out, to close with a nice triangle formation, ending at 426, just 1 point above the 100MA. More up tomorrow? Only if we break downtrend res at 435 and then uptrend resistance at 460.
100MA 10,425. Support : 10,412,394,368,340,310. Resistance: 10,435,450,460,490.
 

Attachments

ChartMan

Legendary member
5,580 46
Not a good day today. A swift up to 500 and then just about downhill all the way to close just above 400. The main support points for up of 435 and 460 have been lost. There is a H&S just about completed and sitting right on target. Monday's action will dictate direction I feel....If we are going to continue the uptrend we have to bounce off 390 on the original (slope1) uptrend support, having lost slope 2 intraday. Failure at 390 will take us down to see 300 again.
100 MA 10,426. Support: 10,392,362,313,300,282. Resistance: 10,420,450,480,500.
 

Attachments

AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock