DOW DAILY WITH THE ICHI CLOUD
- Dow is trading well below it's 20 day EMA in daily chart
- We had a small up move because of the POSITIVE DIVERGENCE that i have marked in the chart.
- As long as the index keeps to 10000 the positive divergence will show some more effect and upside targets are possible.
- But below 10000 it's trouble for the bulls
- I have also shown the ichi cloud and it says "when we are below the cloud we are in bear market". Since we broke below the cloud there is a chance for a retracement. But will it be effective enough to go above the cloud to enter a new bull market? only time will tell.
thank you
How high do you think we will go
ReplyDeleteReza,
ReplyDeleteThe upside for Dow in the short term is restricted to 10350-10400. Watch the weekly close. Dow should not close below 10100.
Hope this helps.
@Reeza
ReplyDeleteas novice said i am expecting a close above 10000 levels this week. And that for me will keep the bullish technical analysis setup intact.
So as i said already 10000 is very important for dow to move up in the coming week to retest the ichimoku cloud
Anoop,
ReplyDeleteIs your buy call for Renuka still valid? Whats your upside ST target?
Thanks,
novice
@novice1000
ReplyDeleteThe buy call is still valid.
you can have a trailing stop loss(20 day moving average) and take profits. If it moves too much in your favor book half of it.