- February 13, 2023
- Posted by: Tradingshot Articles
- Category: Stock Indices
Dow Jones (DJI) followed the exact trading plan that we published last Wednesday as it rebounded on the 4H MA200 (orange trend-line) and today reached the Resistance Zone of 34300 – 34370(August 16 and January 15 Highs respectively). This keeps it neutral as we expected within the rough 33640 – 34180 Scalping Range:
The 4H MA50 (blue trend-line) has assumed the role of the Pivot and the 4H MA200 (orange trend-line) that of the Support (all candles closed above it). Our short-term trading plan remains scalping this range for as long as the price remains/ re-enters inside it. On the more medium-term, above the green Pivot Zone we are buyers targeting 34300, while below the Higher Lows trend-line we are sellers targeting 32700 (above the 32480 Support). Similarly, we will take the buy break-out if the price breaks the 34370 January 15 High and target the 34910 December 13 High.
Keep in mind that this Higher Lows trend-line is what helped us take this accurate buy entry 4 weeks ago as you can see on the chart below:
