Trading plan for Dow Jones for April 30, 2020

Technical outlook:

Dow Jones closed around 24,633 levels yesterday after printing highs around the 24,890 levels. Today, during market open it is expected to rally towards 25,000 levels before finding resistance. Earlier the Dow Jones index had dropped from 29,600 through 18,200 levels respectively. Since last 4 weeks, it has produced a counter trend rally, and has almost reached fibonacci 0.618 retracement of the earlier drop. A test above 25,000 levels should trigger a bearish reaction since the region is also accompanied bu the past support turned resistance zone. Immediate resistance is seen at 27,100, while support is around the 23,000 mark. A break below 23,000 would confirm that a meaningful top is in place and Dow Jones is heading lower towards 18,000 levels. Overall outlook is bearish until Dow Jones trades below 29,600 mark.

Trading plan:

Remain short from 24,600 and also sell more around 25,000, stop @ 29,600 target is 18,000

Good luck!

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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