YM: general review
08 September 2017, 08:58
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 21719.4 |
| Take Profit | 21626.0 |
| Stop Loss | 21875.4 |
| Key Levels | 21719.4, 21875.4 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 21875.4 |
| Take Profit | 22031.7 |
| Stop Loss | 21719.4 |
| Key Levels | 21719.4, 21875.4 |
Current trend
Dow Jones index is trading in the side channel with the upper border at 8/8 Murrey or 21875.4 and the lower one at 7/8 or 21719.1. Investors believe the upward trend will continue after the news that Donald Trump and the Congress managed to agree on the increase of the upper limit of state indebtedness. They also agreed to allocate additional $8 bln to liquidate the consequences of Harvey storm that caused considerable damage in Texas and Louisiana.
The consolidation of PMI that was better than expected and made up 55.3 points should have a positive effect on the growth of the stock market.
Support and resistance
Stochastic is at 32 points and does not provide a clear signal for the opening of positions.
Resistance levels: 21875.4.
Support levels: 21719.4.
Trading tips
Short positions may be opened from the level of 21719.4 with targets at 21626.0 and stop-loss at 21875.4.
Long positions should be opened from the level of 21875.4 with target at 22031.7 and stop-loss at 21719.4.
Dow Jones index is trading in the side channel with the upper border at 8/8 Murrey or 21875.4 and the lower one at 7/8 or 21719.1. Investors believe the upward trend will continue after the news that Donald Trump and the Congress managed to agree on the increase of the upper limit of state indebtedness. They also agreed to allocate additional $8 bln to liquidate the consequences of Harvey storm that caused considerable damage in Texas and Louisiana.
The consolidation of PMI that was better than expected and made up 55.3 points should have a positive effect on the growth of the stock market.
Support and resistance
Stochastic is at 32 points and does not provide a clear signal for the opening of positions.
Resistance levels: 21875.4.
Support levels: 21719.4.
Trading tips
Short positions may be opened from the level of 21719.4 with targets at 21626.0 and stop-loss at 21875.4.
Long positions should be opened from the level of 21875.4 with target at 22031.7 and stop-loss at 21719.4.
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