DJ30’s previous broken 40000 resistance level is the next potential support as the index pulled back from last week’s gains.

As a result, my July 17’s long trade plan has exited in another profit after holding for 2 days and 2 hours:

https://www.finlogix.com/analysis/20240717/dj30-intraday-analysis-and-trading-plan-for-july-17-2024

The US is set to have 5 high impact economic reports starting on Wednesday.

The indices market has retreated from their peak last week seeking new higher support levels.

Re-assessing DJ30’s high timeframe candles:

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

Monthly Candle: Last check is a Green Body with Almost Equal Wick Lengths now a Green Long Upper Shadow with Medium Body

Weekly Candle: Previous close is a Green Shooting Star current is a Green Semi Doji

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Semi Doji

Strong weekly pin bar closing last week suggesting a profit taking has taken place.

Since my previous analysis road to 41500-42000 levels was not realized last week, there’s a clear price correction happening in the DJ30 index.

Any bull market has what we call pullbacks but the overall trend is still going up.

This is what I’m still seeing right now.

Also the first and higher bullish 4H FVG mentioned previously became a valid selling order block.

However, the next lower 4H bullish FVG is waiting along with the 40000 level.

These two areas combined for a decent re-buy zone.

I like to maintain my previous trade plan’s obvious 40000 level as the new immediate support for the current uptrend’s pullback.

This is where I like to enter a new long position with a quick stop loss just below or the nearby 4H bullish FVG’s complete retracement while the take profit is aimed at 41000 mark.

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

Let’s see how this one goes and good luck.

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

DJ30 Intraday Analysis and Trading Plan For July 22, 2024

Jul 22 2024

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