- March 16, 2023
- Posted by: Tradingshot Articles
- Category: Stock Indices
Dow Jones (DJI) is trading sideways for the 4th straight 1D candle on the bottom (Lower Lows trend-line) of the long-term Channel Down. As the 1D RSI touched the 30.00 oversold level and rebounded, similar to the September 27 bottom, while the 1D MA50 (blue trend-line) crossed below the 1D MA100 (green trend-line) to form the 1st Bearish Cross since that bottom, we treat this as a strong medium-term buy opportunity, targeting the 1D MA50 and 33100. We need a closing above the 1D MA50 to justify further uptrend as that level rejected the index on March 06.