DJIA - Bottoming out or preparing for fresh sell off??? It's at crucial week.
Hello everyone,
It sounds like you're analyzing the Dow Jones Industrial Average (DJIA) from a technical standpoint. Here's a brief breakdown of what you're pointing out:
Key Points:
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Follow-Up Week:
This typically suggests a continuation or confirmation of a move—often in the context of a potential rally after a bottom. Traders watch for increased volume and price movement to validate strength. -
Resistance Ahead:
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200-Day Moving Average (DMA):
A major long-term indicator. When the price approaches the 200 DMA from below, it often acts as a strong resistance level. Many traders and algorithms watch this closely. -
Bottom of Double Top Formation:
If the DJIA previously formed a double top, the lower horizontal line (support turned resistance) becomes a key level to watch. A failure to break above it may lead to a bearish turn.
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