Dow Jones Index more to the upside??? ๐๐๐
Hello, good day traders! ๐๐ค
I'm looking for a potentialย buy๐ setup for $Dow Jones Industrial Average (.DJI.US)$, with both fundamental and technical indicators to back it up.
๐ฐFundamentally,
- Stocks rise ahead of U.S. midterm elections, Dow closes more than 400 points higher
- It's shaping up to be an eventful week on Wall Street, with investors looking ahead to tomorrow's midterm elections and Thursday's inflation data.
- Tuesdayโs midterm election will determine which party will control Congress, and affect the direction of future spending. Democrats currently control the House, and have a majority in the Senate.
- Investors could approve of a potential gridlock that may come out of the midterm elections as a Democratic president, with a Republican or split Congress, has historically meant above-average gains, according to RBCโs Lori Calvasina in a Monday note.
๐คOn the technical front,
1.) Looking at the H4 chart, price has tapped into our buy entry at 32135.41, where the 61.8% and 50% Fibonacci lines are located.
2.) I have a pretty safe stop loss set at 30775.37 where the 38.2% and 78.6% Fibonacci lines are located.
3.) I am looking to take profit at 34106.01 where the 100% Fibonacci line and previous high are located.
Trade Entry recommendations:
Buy Entry: 32135.41๐
Take Profit: 34106.01 ๐ฒ
Stop Loss: 30775.37โ
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![Dow Jones Index more to the upside??? ๐๐๐](https://sgsnsimg.moomoo.com/102218606/editor_image/f9e12bfad1c43488a014f19771fd016e.png/bigmoo)
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