DJIA is heading to 37000
The Monthly DJIA chart shows that the instrument is moving in Inside Andrew’s Pitchfork long-term uptrend channel resistance line 37000 and is consolidating ever since the break above 33000. As long as the instrument is above 33150 we are expecting the upside continuation. Invalidation and a bigger pullback to 29700 will come only upon a confirmed break below 33150.
On a Daily chart, we can see an uptrend Pitchfork channel formed and for the upside continuation we need to see a break of 35120 to target the 35700Median line of the channel half and higher. Support is also uptrend channel line 34600. You can try the long trade entries with the stop loss below 34800. In the case you are stopped out reverse to a short trade.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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