Further buying likely to be observed on DJIA...
Dow Jones Industrial Average:
In recent sessions, US equities advanced marginally higher amid optimistic vibes surrounding US/China trade talks. Commentary from US President Trump stated the US has not extended the 1 March deadline for China talks, though says he thinks everything will be agreed to when he meets China President Xi.
Technically speaking, sellers lost their flavour reasonably quickly around the H4 Quasimodo resistance level at 24976, with Thursday’s action concluding a few points above the level. Key resistance on the H4 scale now rests at December’s opening level drawn from 25586.
While H4 action appears poised to continue gravitating north, higher-timeframe structure highlights nearby resistance in the shape of a daily trend line barrier (taken from the high 26939). Beyond here, though, resistance at 25822 is in sight. Weekly flow, on the other hand, is establishing a floor on top of its 2018 yearly opening level at 24660, with eyes on Quasimodo resistance at 26182 as the next upside objective.
Areas of consideration:
The H4 close above H4 Quasimodo resistance at 24976, alongside daily price forming a bullish pin-bar pattern upon retesting the top edge of supply at 24842-24538 (now acting support area) and weekly price signaling further buying, a long in this market at current price (with stops plotted beneath the daily bullish pin-bar tail at 24795)is certainly an option today. Reducing risk to breakeven upon testing the aforementioned daily trend line resistance is worthy of consideration as strong sellers may reside here. A break above this angle will draw December’s opening level mentioned above on the H4 timeframe at 25586 firmly into the spotlight as a viable target.
Today’s data points: US Average Hourly Earnings m/m; US Non-Farm Employment Change; US Unemployment Rate; US ISM Manufacturing PMI; US Revised UoM Consumer Sentiment.
In recent sessions, US equities advanced marginally higher amid optimistic vibes surrounding US/China trade talks. Commentary from US President Trump stated the US has not extended the 1 March deadline for China talks, though says he thinks everything will be agreed to when he meets China President Xi.
Technically speaking, sellers lost their flavour reasonably quickly around the H4 Quasimodo resistance level at 24976, with Thursday’s action concluding a few points above the level. Key resistance on the H4 scale now rests at December’s opening level drawn from 25586.
While H4 action appears poised to continue gravitating north, higher-timeframe structure highlights nearby resistance in the shape of a daily trend line barrier (taken from the high 26939). Beyond here, though, resistance at 25822 is in sight. Weekly flow, on the other hand, is establishing a floor on top of its 2018 yearly opening level at 24660, with eyes on Quasimodo resistance at 26182 as the next upside objective.
Areas of consideration:
The H4 close above H4 Quasimodo resistance at 24976, alongside daily price forming a bullish pin-bar pattern upon retesting the top edge of supply at 24842-24538 (now acting support area) and weekly price signaling further buying, a long in this market at current price (with stops plotted beneath the daily bullish pin-bar tail at 24795)is certainly an option today. Reducing risk to breakeven upon testing the aforementioned daily trend line resistance is worthy of consideration as strong sellers may reside here. A break above this angle will draw December’s opening level mentioned above on the H4 timeframe at 25586 firmly into the spotlight as a viable target.
Today’s data points: US Average Hourly Earnings m/m; US Non-Farm Employment Change; US Unemployment Rate; US ISM Manufacturing PMI; US Revised UoM Consumer Sentiment.
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