Dow Jones Falls As China Covid Concerns Ease 📉

Hello good day fellow traders!

📰Fundamentally,

Following a difficult session on Monday, the Dow Jones Industrial Average fell on Tuesday. China-based stocks such as Alibaba (BABA),JD.com...(JD), and Pinduoduo (PDD) surged as concerns about China Covid-19 eased.

China stocks surged early Tuesday as Chinese health officials moved to allay fears about Covid-19 lockdowns and policy. Alibaba increased by 6%, whileJD.com...increased by 8%. Pinduoduo contributed 4.3% to Monday's breakout gain.

The Dow Jones Industrial Average fell 0.2% after the opening bell on Tuesday, while the S&P 500 fell 0.1%. The tech-heavy Nasdaq composite fell 0.15% in early trading, with China names propping up the index.

🤔On the technical front,

1.) Looking at the H4 chart, although price is on a bullish up-trend, I'm looking to potentially play the pullback with my sell entry at 34106.01, where the previous high is located.

2.) I have a pretty safe stop loss set at 35492.22 where the previous swing high is located.

3.) I am looking to take profit at 32135.41 where the 61.8% Fibonacci line is located.

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Sell Entry: 34106.01📉

Take Profit: 32135.41 💲

Stop Loss: 35492.22❌

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