This Dowjones Daily chart shows the Monthly and Weekly Resistance and Support levels.
The Daily candle on the weekend closed green on 31274.4 after a hammer formed on Thursday which also seems to have broken the previous LL of 29700.
Currently 31500 is the weekly resistance if on Monday this Resistance is broken and the daily candle on Wedenesday also closes green above 31500 followed by a green Tuesday resulting in forming three white soldiers.
We will be good to take a long position from there with a profit target just below the next Monthly resistance R1 33250 with Stop loss just below previously Weekly reistance 31500 which may then work as a temporary support.
However if the weekly resistance of 31500 is not broken we may be entering into a short period of consolidation.
The Daily candle on the weekend closed green on 31274.4 after a hammer formed on Thursday which also seems to have broken the previous LL of 29700.
Currently 31500 is the weekly resistance if on Monday this Resistance is broken and the daily candle on Wedenesday also closes green above 31500 followed by a green Tuesday resulting in forming three white soldiers.
We will be good to take a long position from there with a profit target just below the next Monthly resistance R1 33250 with Stop loss just below previously Weekly reistance 31500 which may then work as a temporary support.
However if the weekly resistance of 31500 is not broken we may be entering into a short period of consolidation.