Dow Jones Index hitting take profit soon ๐
Hello, good day traders! ๐๐ค
I'm looking for a potentialย buy๐ setup for $Dow Jones Industrial Average(.DJI.US$, with both fundamental and technical indicators to back it up.
๐ฐFundamentally,
- The stock market rally had a huge week, with the Nasdaq boasting its best weekly gain since March and S&P 500 having its biggest increase since June.
- The major indexes surged Thursday on a Fed-friendly inflation report.
- On Friday, a shift away from defensive names intensified, with many medicals and other defensive or defensive growth plays falling sharply.
- While buying opportunities in leading stocks are limited, investors should be looking to add exposure gradually.
๐คOn the technical front,
1.) Looking at the H4 chart, price has tapped into our buy entry at 31834.12, where the 38,2% Fibonacci line is located.
2.) I have a pretty safe stop loss set at 30635.76 where the 23.6% Fibonacci line is located.
3.) I am looking to take profit at 34281.36 where the previous swing high is located.
Trade Entry recommendations:
Buy Entry: 31834.12๐
Take Profit: 34281.36 ๐ฒ
Stop Loss: 30635.76โ
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