From last three-day Dow is taking support of red trend line. Dow is trading with 500 point range. After big move on Monday Dow is consolidating for last three days. It is tendency of index/stock that after big move it consolidate, trading range become narrow and then burst. Up or Down. Todays chart is self explained. 26th and 30th May top is around 33200 and low is 32586 on 25th 32709 today. If todays low is not broken then this is beginning of higher low pattern.
1 SL was lowered to 32700 yesterday which Dow had respected.
2 At Begening of lower high, risk redward ratio is favorable , long can be initiated with 32700 SL. If trade goes in favorable trailing sL of 100 pts can be maintained. If SL triggered reverse trade can be favorable.
1 SL was lowered to 32700 yesterday which Dow had respected.
2 At Begening of lower high, risk redward ratio is favorable , long can be initiated with 32700 SL. If trade goes in favorable trailing sL of 100 pts can be maintained. If SL triggered reverse trade can be favorable.
