Dow Jones got heavily rejected on Resistance (1) and is pulling back to the MA50 (1d). The index is trading inside a double Channel Up pattern. The MA50 and MA200 (1d) each serve as a Support level and potential buy entry. The pattern so far is much alike the December 20th - January 20th fractal and that dipped much lower after its rejection.
Trading Plan: 1. Buy on the MA50 (1d). 2. Sell if the (1d) candle closes under the MA50 (1d). 3. Buy on the MA200 (1d).
Targets: 1. 34530 (Resistance 1). 2. 33000 (MA200 1d and bottom of white Channel Up). 3. 34800 (under Resistance 2).
Tips: 1. The RSI (1d) is printing an identical pattern to December - January so far. This favors a rebound but from a lower level such as the MA200 (1d).
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