The Dow Jones 30 tried to rally during the day on Wednesday, but found the 16,100 level to be far too resistive to continue going higher. With this, we
The Dow Jones 30 tried to rally during the day on Wednesday, but found the 16,100 level to be far too resistive to continue going higher. With this, we did up forming a shooting star which of course is a very negative sign. In fact, we formed one on Tuesday as well, and that shows just how much bearish pressure there is. Because of this, we feel that the market could break down from here but we also recognize that a move above the 16,300 level would be extraordinarily bullish. We don’t necessarily want to sell, we feel that it would be a bit like chasing the trade.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
