Well done to any of our readers who managed to long 26654/26811
Dow Jones Industrial Average:
US equities barely moved Monday, as investors digested weak economic figures out of Germany. The Dow Jones Industrial Average added 14.92 points, or 0.06%; the S&P 500 concluded flat as did the tech-heavy Nasdaq 100.
For traders who read Monday’s technical briefing you may recall the following:
Technical support at 27058 was obliterated Friday (now acting support), guiding a close set a few points north of August and July’s opening levels at 26799 and 26811, respectively. Note the 127.2% Fibonacci extension value at 26800 closely aligns with the said levels, with the 161.8% Fibonacci extension also in sight at 26654 (green area). This is a particularly appealing area of support having seen it boast a connection to weekly support at 26667 and the current daily demand at 26723-26917.
On account of the research, the H4 support area at 26654/26811 denotes a possible buy zone this week. Having noted a connection to weekly support at 26667, based within the lower boundary of the said H4 support zone, a move deep into the area could occur before buyers make an appearance. For that reason, waiting for additional candlestick confirmation to form before pulling the trigger is recommended. Not only does this help identify buyer intent, it also provides traders entry and risk levels to work with.
As can be seen from the H4 timeframe, yesterday’s candles retested the top edge of the H4 support zone and rotated higher. Well done to any of our readers who managed to jump onboard this move, as price is nearing the first take-profit target/area of concern: H4 resistance at 27058.
Areas of consideration:
With longs in play off 26654/26811 on the H4 timeframe, a break of H4 resistance at 27058 will not only help confirm additional upside for traders wishing to pyramid current positions, it opens the door for those who missed the initial move higher. It’s preferable a retest at 27058 as support is seen following the break higher before pulling the trigger, though an entry on the breakout candle may suffice (entry and stop-loss orders can be positioned according to the candlestick’s structure), with the take-profit target set around the all-time high of 27388.
US equities barely moved Monday, as investors digested weak economic figures out of Germany. The Dow Jones Industrial Average added 14.92 points, or 0.06%; the S&P 500 concluded flat as did the tech-heavy Nasdaq 100.
For traders who read Monday’s technical briefing you may recall the following:
Technical support at 27058 was obliterated Friday (now acting support), guiding a close set a few points north of August and July’s opening levels at 26799 and 26811, respectively. Note the 127.2% Fibonacci extension value at 26800 closely aligns with the said levels, with the 161.8% Fibonacci extension also in sight at 26654 (green area). This is a particularly appealing area of support having seen it boast a connection to weekly support at 26667 and the current daily demand at 26723-26917.
On account of the research, the H4 support area at 26654/26811 denotes a possible buy zone this week. Having noted a connection to weekly support at 26667, based within the lower boundary of the said H4 support zone, a move deep into the area could occur before buyers make an appearance. For that reason, waiting for additional candlestick confirmation to form before pulling the trigger is recommended. Not only does this help identify buyer intent, it also provides traders entry and risk levels to work with.
As can be seen from the H4 timeframe, yesterday’s candles retested the top edge of the H4 support zone and rotated higher. Well done to any of our readers who managed to jump onboard this move, as price is nearing the first take-profit target/area of concern: H4 resistance at 27058.
Areas of consideration:
With longs in play off 26654/26811 on the H4 timeframe, a break of H4 resistance at 27058 will not only help confirm additional upside for traders wishing to pyramid current positions, it opens the door for those who missed the initial move higher. It’s preferable a retest at 27058 as support is seen following the break higher before pulling the trigger, though an entry on the breakout candle may suffice (entry and stop-loss orders can be positioned according to the candlestick’s structure), with the take-profit target set around the all-time high of 27388.
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