- November 3, 2020
- Posted by: Tradingshot Articles
- Category: Stock Indices
Dow rebounded 3 days ago on the 1D MA200 (orange trend-line). Since late July, this trend-line has been holding firmly as Support and every contact (with a candle week, no candle closing has been done below it), has resulted in a strong rise.
Since the pattern is a Channel Down currently (since the September 03 High) is is natural to target the Lower High trend-line. As seen on the chart, the previous Lower High was made on the 0.9 Fibonacci retracement level, which is currently at 28650.
Bonus: see how every MA200 bottom gave 4 days to the MACD to make a Bullish Cross on the last two occasions. That means that by Thursday the 1D MACD will make a Bullish Cross.
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