DJ30’s bulls have further extended price after breaking free from the 40000 resistance level for good!

As a result, my July 15’s long trade plan has exited in another profit after holding for 1 day and 6 hours:

https://www.finlogix.com/analysis/20240715/dj30-intraday-analysis-and-trading-plan-for-july-15-2024

The US is set to have 1 more high impact economic report due on Thursday.

The indices market continues to extend gains after the US dollar weakened further this week.

Re-assessing DJ30’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Longer Tail Wick

Monthly Candle: Last check is a Green Long-Legged Lower Shadow now a Green Body with Almost Equal Wick Lengths

Weekly Candle: Still a Green Body with a Longer Head Wick since last check

Daily Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Spinning Top

A pretty solid week for the DJ30 index after its bulls break the 40000 resistance level for good!

The mini consolidation that started last week’s breakout and backtest has finally resulted in a new PoD higher.

To be specific, this consolidation has depicted a bullish flag pattern that is convincingly in buyers’ full control.

At least I’ve pointed out 2 recent bullish FVGs in the 4H chart above showing the buying strength in DJ30 at the moment.

One of the major catalysts that sent DJ30 to higher prices lately is the US dollar weakness after most market speculators agree that September will be the start of Fed rate cut.

I’m eyeing the 41500-42000 levels soon using the same July 8-9 swing high to low move as the retracement points of view previously.

It is obvious that the 40000 is the new immediate support for the current uptrend.

I like to enter a new long position again through the current 4H candle with a tight stop loss while taking profit at the 42000 level.

I’m happy to adjust for the next trade plan if ever the stop is caught right away.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

DJ30 Intraday Analysis and Trading Plan For July 17, 2024

Jul 17 2024

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