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DJI30 Technical W Bullish Pattern Formed in 4h Time Frame

March 13, 2018 09:41

Source: Admiral Markets MT5 with MT5SE Add-on

Even though income data was lower than expected in the US, the high NFP number suggests wage pressure may be imminent on company earnings in the USA – one of the reasons why the DJI30 was sold yesterday. The price might reject from the POC zone 25054-25240 as we see a strong confluence of technical levels and W 1-2-3 bullish pattern. Point 2 of W pattern sits precisely at M Cm (monthly camarilla level) and should keep the pair supported. However the index needs to make a 4h close above W H3 – 25611 to proceed further up towards 25890-959. Initially, the price might reject from the level. Above 25960, the target is 26388.

A drop below W L4 -24775 and the price might go further down towards the trend line and 24277

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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