Dowjones Potential Upsides, couple of Scenarios

6 мар. 2023 г.

Hey Traders, US30 is rejecting an important daily support and resistance zone, we expect the pullbacks to extend towards 33000 zone then a rally towards more highs. if we look at smaller timeframe we will notice a breakout of a downtrend. so i will be watching a potential retrace around the recommended zone. I would also advice to keep an eye on DXY to confirm the trade as we know the negative correlation between the Dollar and the stock market. a weak DXY leads to upsides on the stock market and vice versa.
in case of a breakout above the daily zone we will be considering more upsides and a retrace around 33400.
Feel free to ask any question in the comment section.
Trade safe, Joe.