DJIA rejected again from the 26300 level
DJIA has unsuccessfully tested 26300 level again. If was rejected for the second time, the second week as it can be seen on a weekly chart. This is leaving an extended fall to 24000 level of the Pitchfork uptrend channel option opened.
On a daily chart, we can see a test of the important downside breakout 25600 level. This is providing an excellent trading opportunity with a good risk to reward short entry. You can place a short trade entry with a stop loss above the 26000 level targeting 24700 level and even trailing the profit further downside into 23500. ARMAT trading system is indicating a potential 2000 points of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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